Giant Russian Diamond Manufacturer Combines De Beers’ Blockchain Trailing Site
Two global diamond producers have partnered to enhance accountability in the industry. Previously, the sector has been marred with allegations of being associated with exploitation.
As a result, it has led to the public's displeasure with the sector for quite some time. Alrosa Dutch Corporation has revealed its intentions to partner with De Beers diamonds to trace these precious stones.
The two firms are determined to streamline the industry to ensure it continues smoothly with its operations. As a bonus, the partnership will enable the two companies to enjoy and benefit from having economies of scale while trading.
De Beers Introduces Tracr Tracker
De Beers introduced a pilot program known as Tracr to address several concerns brought by diamond clients concerning the status of their transactions. This program trails a diamond’s movement from the time it is extracted until the time it reaches its final destination.
The procedure will eliminate the element of exploitation in the sector. Moreover, it will eliminate cases of fraud in these transactions.
Sergey Ivanov who is the CEO of Alrosa emphasized the significance of tracking in precipitating growth in the diamond market. He suggested that transparency will enhance the confidence of clients.
These safeguards will encourage more people to invest in this sector in the future. Additionally, individuals can enjoy the merchandise without any fear of moral issues.
Bruce Cleaver approved the former’s viewpoint by saying that trailing will enable clients to enjoy several benefits. Participants in the diamond trade may also benefit from these efforts.
De Beers initially announced the launch of the platform in 2017. Consequently, the company has now introduced the Tracr program.
Other excavation ventures are gradually joining Blockchain tracking systems. It is likely due to the lessons learned from the two giant corporations. Already, African nations like Rwanda have begun to embrace the technology