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De Beers to Manage Diamond Production with Blockchain Technology

De Beers, a multinational diamond mining company, has completely developed Tracr to manage its diamond production and distribution. The company’s proprietary platform is enabled by blockchain technology.

The process of developing this blockchain system for its diamond manufacturing record management has been ongoing for quite some time. The platform was first developed and tested This happened in 2018. The Tracr platform was first developed and tested in 2018. The business has now used the platform on a large scale to serve the diamond mining industry.

De Beers to Commence Data Upload

De Beers has already implemented the system globally and anticipates that 25% of its diamond output by value will be logged on Tracr during the first three Sights of 2022.In the diamond industry, a “Sight” refers to both a selling event and an individual lot of diamonds for sale.

Tracr will provide manufacturers and retailers in the diamond business with access to unaltered records of a diamond’s origin. Authorized bulk buyers of raw diamonds, known as sight holders, would benefit from a record that can’t be changed. This record will help retailers know more about a diamond’s provenance and origin.

As is the case with many blockchain-powered platforms, Tracr will enable corporations and users to manage the permissions, usage, and access to diamond data. Privacy and security are crucial to the diamond industry’s continued operation. Tracr’s blockchain-based solution also makes sure that every transaction on its platform is irreversible, which means that no data can be changed as a diamond moves through the supply chain.

In 2021, the Antwerp World Diamond Center (AWDC) released their most recent report on the diamond market in conjunction with and Bain & Company. This report looked at important industry trends and predicted what the diamond market would look like in the next decade, indicating that customers are more proactive with environmental conservation and carbon footprint.

It is good that Tracr is being used by businesses in the industry now, says De Beers Group CEO Bruce Cleaver, because people are becoming more environmentally and socially responsible.