De Beers’ fully distributed diamond blockchain platform Tracr™ Limited and Sarine Technologies Limited signed a collaboration agreement that enables each party to offer scalable, cost-effective and enhanced verification services for tracing diamonds from their source.

The collaboration will enable algorithmic matching of diamonds at scale, starting from the source. Both parties will use their respective capabilities to increase process efficiency and reduce the need for duplicate processes by existing participants. Utilising Tracr’s blockchain technology, Sarine’s diamond scanning solutions, and both companies’ sophisticated diamond identification and matching algorithms, the collaboration will create an interface between Tracr’s platform and Sarine’s cloud, which will facilitate, if enabled by participants, the seamless matching of diamond data across different stages of a registered diamond’s journey.

A key benefit of the arrangement will be the ability to offer objective verification of a diamond’s journey from a producer’s rough supply to a manufacturer’s polished production using verifiable diamond scanning information

With De Beers now registering single country of origin for all rough diamonds larger than one carat, the solution also has the potential to function as a customs service to facilitate the traceability of a diamond's origins as it crosses international borders, in line with the requirements of the G7 Diamond Protocol.

Wesley Tucker, CEO of Tracr, said: “By enabling the connection between our blockchain technology and Sarine’s advanced precision technology, we are creating a new, cost-effective and highly scalable solution that can be implemented at pace.”

David Block, CEO of Sarine Technologies, said: "We believe that this cooperation will greatly enhance the much-needed ability to trace diamonds to their source, providing the industry with greater transparency and the consumers with heightened confidence.”

Courtesy: GJEPC