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Alrosa Joins De Beers Blockchain

Source verification requires industry cooperation, Russian miner says.
Oct 29, 2018 9:00 AM   By Rapaport News
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De Beers has signed up Alrosa to its blockchain pilot, bringing the world’s two largest diamond producers together for the source-verification project.

“We believe tracing requires industry cooperation and complementation for the sake of a common goal,” Alrosa CEO Sergey Ivanov said in a statement Monday.

De Beers’ Tracr platform tracks diamonds from the mining stage to finished jewelry using a tamper-proof record of each stone’s route through the supply chain. The pilot launched earlier this year, with diamond manufacturers Diacore, Diarough, KGK Group, Rosy Blue and Venus Jewel participating alongside retailer Signet Jewelers. Alrosa’s involvement has the potential to expand the project significantly, as the two miners together account for just under half of global rough production.

“The collective efforts of the world’s two leading diamond producers will enable more of the world’s diamonds to be tracked on their journey from mine to retail,” De Beers CEO Bruce Cleaver added. “Having a critical level of production on the platform will deliver significant benefits for consumers and diamond-industry participants.”

Alrosa was also one of the early participants in M2M, a mine-to-market tracking program and mobile app for consumers that the Gemological Institute of America (GIA) launched in 2017.

Image: Rough diamonds from Alrosa. (Alrosa)
Tags: Alrosa, Blockchain, Bruce Cleaver, De Beers, Diacore, Diarough, Gemological Institute of America, GIA, KGK Group, M2M, Rapaport News, rosy blue, Russia, Sergey Ivanov, Signet Jewelers, Source verification, Tracr, Venus Jewel
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