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20
Mar
Blockchain for the Diamond Industry: What Is It and Why Should It Matter to you?
A diamond undergoes several transformations along its journey between a rough to polished stone. True provenance has always been difficult to prove when the diamonds travel through the hands of multiple vendors. Due to concerns around the ethical sourcing and authenticity of diamonds, efforts to use blockchain technology are being introduced to create a more transparent and trustworthy supply chain record for both retailers and consumers.
The basic idea behind blockchain technology is that a decentralised database stores each ‘block’ of information containing records of a diamond’s provenance. As new data is added to the blockchain network, it is encrypted and permanently stored on an entire network of computers rather than a single central authority. Once each block is added it cannot be altered or deleted. This ensures the blockchain is highly secure and transparent, protecting the integrity of the database and the democracy of the records. By creating a transparent supply chain for diamonds, blockchain has the potential to provide assurance of a diamond’s source through the permanent nature of each ‘block’ on the platform.
At the forefront of this technology for the diamond industry is the Tracr platform. Developed by leading diamond company DTC, the blockchain is designed to track diamonds from their point of origin, to mine, to cutting and polishing. The digital Diamond journey carries information and documents regarding Traceability (providing assurance of provenance and mapping the diamond’s journey along the supply chain) and Authenticity (confirming location of the mine to authenticate as a natural mined diamond).
The Tracr platform assigns a unique digital identity (Tracr ID) to each diamond, which is recorded on the blockchain. This ID stores a detailed analysis of the diamond with information regarding the cut, colour, clarity and carat of the stone. The stone completes a 3D digital scanning process, and additional information including the owner and location of the mining site to reliably track a diamond’s provenance and assure the diamond is a genuine De Beers diamond.
The data is shared across multiple locations and networks, meaning suppliers and wholesalers can reliably track and verify DTC mined diamonds. The technology currently is a business to business model, with around 25 percent of new production of diamond roughs above one carat being added to the database. The Tracr blockchain has the capacity to load around one million stones per day onto the platform. The future goal is to trace the entire diamond production of DTC natural diamonds onto the database, and pinpoint the countries of origin including Botswana, Namibia, South Africa and Canada.
The aim of the Tracr platform and blockchain technology is to create a tamper-proof and transparent digital record of each diamond’s journey. The Tracr Diamond ID can be used to verify conflict-free diamonds and assure the provenance of ethical conditions from sourcing to production. The digital nature of assets also provides ease of accessibility for sharing and transfer of records.
Diamonds have long been a precious and valuable natural resource. Origins of diamonds can equate to huge disparities in ethics and attitudes towards sustainability. The trend towards sustainability and consumers supporting ethical and environmentally sustainable practices continues to grow stronger within the industry.
The potential for this technology allows consumers, retailers and wholesalers to feel reassured their diamonds were sourced ethically. An essential for a young generation of consumers who are prepared to pay more for sustainable diamonds and support responsible sourcing operations.
The basic idea behind blockchain technology is that a decentralised database stores each ‘block’ of information containing records of a diamond’s provenance. As new data is added to the blockchain network, it is encrypted and permanently stored on an entire network of computers rather than a single central authority. Once each block is added it cannot be altered or deleted. This ensures the blockchain is highly secure and transparent, protecting the integrity of the database and the democracy of the records. By creating a transparent supply chain for diamonds, blockchain has the potential to provide assurance of a diamond’s source through the permanent nature of each ‘block’ on the platform.
At the forefront of this technology for the diamond industry is the Tracr platform. Developed by leading diamond company DTC, the blockchain is designed to track diamonds from their point of origin, to mine, to cutting and polishing. The digital Diamond journey carries information and documents regarding Traceability (providing assurance of provenance and mapping the diamond’s journey along the supply chain) and Authenticity (confirming location of the mine to authenticate as a natural mined diamond).
The Tracr platform assigns a unique digital identity (Tracr ID) to each diamond, which is recorded on the blockchain. This ID stores a detailed analysis of the diamond with information regarding the cut, colour, clarity and carat of the stone. The stone completes a 3D digital scanning process, and additional information including the owner and location of the mining site to reliably track a diamond’s provenance and assure the diamond is a genuine De Beers diamond.
The data is shared across multiple locations and networks, meaning suppliers and wholesalers can reliably track and verify DTC mined diamonds. The technology currently is a business to business model, with around 25 percent of new production of diamond roughs above one carat being added to the database. The Tracr blockchain has the capacity to load around one million stones per day onto the platform. The future goal is to trace the entire diamond production of DTC natural diamonds onto the database, and pinpoint the countries of origin including Botswana, Namibia, South Africa and Canada.
The aim of the Tracr platform and blockchain technology is to create a tamper-proof and transparent digital record of each diamond’s journey. The Tracr Diamond ID can be used to verify conflict-free diamonds and assure the provenance of ethical conditions from sourcing to production. The digital nature of assets also provides ease of accessibility for sharing and transfer of records.
Diamonds have long been a precious and valuable natural resource. Origins of diamonds can equate to huge disparities in ethics and attitudes towards sustainability. The trend towards sustainability and consumers supporting ethical and environmentally sustainable practices continues to grow stronger within the industry.
The potential for this technology allows consumers, retailers and wholesalers to feel reassured their diamonds were sourced ethically. An essential for a young generation of consumers who are prepared to pay more for sustainable diamonds and support responsible sourcing operations.
At Janai Melbourne we always offer the highest quality to all our clients and source our diamonds from ethical suppliers to create our one-of-a-kind Engagement Rings. We believe in transparency of the diamond industry and investing in a sustainable future - which is why we have partnered with ethical suppliers who share our vision for the next generations of the Diamond Industry.
To custom-design your ring and bring your vision to life, please fill out our booking form below.