In what is likely to be a huge boost to the future adoption of blockchain technology by the diamond trade globally, De Beers has announced that it will be adopting blockchain-based technology to enable greater tracking of its diamonds.
Blockchain involves a database retaining every transaction that takes place for a product from start to end. This covers the order in which the deals occur, who is involved, and the nature of the activity. Consequently, this creates a secure, permanent digital register of diamond purchases, and a tamper-proof record of a diamond’s journey along the supply chain, said De Beers' CEO Bruce Cleaver.
He said that the new shared platform will be the first of its kind to offer traceability along the entire diamond pipeline, and will make such verification possible without disclosing the details of the deals to the wider public, thus keeping sensitive data confidential.
The CEO explained that tracking a diamond across the globe is increasingly important to both consumers and the industry’s bankers, and technology is available that can help the trade respond to these new requirements “in ways that were previously unimaginable.”
De Beers will release further details about the project next month since it still needs to do more work on it before launching the platform.
Cleaver wrote in an announcement on the subject: "Imagine a world where the unique journey of a diamond, from its beginnings as an unpolished gift of nature to its ultimate purchase as a symbol of life’s most meaningful moments, can be captured in a way that is as everlasting as the diamond itself."
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