The world’s largest diamond jewellery retailer, Signet Jewelers, has signed on with De Beers Group’s blockchain platform Tracr.
This is currently in pilot phase with the aim of creating a tamper-proof, immutable record of a diamond’s journey throughout the full value chain. The platform is being developed by De Beers Group with support from BCG Digital Ventures and is expected to launch later this year. In May, De Beers Group announced an industry first, successfully tracking 100 high-value diamonds along the value chain on Tracr.
Virginia C. Drosos, CEO, Signet Jewelers, comments: “Responsible sourcing of diamonds has always been an integral part of our corporate ethos, and this will be further strengthened through our cooperation with Tracr. We are joining the pilot because we believe the project not only has strong potential to facilitate increased transparency and confidence within the industry, but it can also foster much-needed digital transformation.”
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