By Hamiz Mushtaq Awan
In this series, we unveil how blockchain technology is revolutionizing various industries by solving enterprise-level challenges. Each post delves into a unique use case, demonstrating the transformative impact of blockchain across different sectors. Explore with us how this technology is paving the way for a new era of transparency, efficiency, and trust in business operations.
Introduction
De Beers, a global powerhouse in the diamond industry, has harnessed the power of blockchain technology to ensure unparalleled traceability and authenticity in the diamond supply chain.
1. Global Diamond Sourcing
With mining operations spread across Canada, Botswana, Namibia, and South Africa, De Beers has a vast network that sources diamonds from multiple corners of the world.
2. Blockchain Adoption and Impact
Since 2019, De Beers has utilized blockchain to meticulously trace diamonds from the moment they are unearthed, through the stages of cutting, polishing, and finally, their sale. This initiative emphasizes De Beers' commitment to ensuring the authenticity and ethical sourcing of their diamonds.
3. The Significance of Blockchain in Diamond Traceability
Blockchain's immutable nature offers a fail-safe way to document every step in a diamond's journey. Unlike traditional databases, blockchain records are resistant to tampering, ensuring the accuracy of information. This plays a crucial role in:
4. Strengthening Ties with GIA
De Beers and the Gemological Institute of America (GIA) have joined forces to bolster consumer confidence in natural diamonds. GIA's involvement with Tracr means that for the first time, the leading diamond grading lab will include an immutable record of a polished diamond's provenance in its grading reports. This collaboration ensures that consumers purchasing a diamond traced by Tracr and graded by GIA will receive enhanced information about their diamond's origin.
This partnership also seeks to emphasize the positive impacts of natural diamonds, with GIA considering the incorporation of additional information in its diamond grading reports. GIA and De Beers have a longstanding collaboration, notably in identifying lab-grown diamonds and diamond treatments.
5. Impressive Numbers
Tracr stands out as the world's premier fully distributed diamond blockchain platform. It has registered over 1 million rough diamonds at their source and 110,000 diamonds at the manufacturer level, solidifying its position as a leading solution in the diamond industry.
Currently, De Beers processes an impressive tally of over 100,000 diamonds monthly through its Tracr blockchain. Cumulatively, Tracr monitors approximately 15% of global diamond production.
Conclusion
De Beers' proactive adoption of blockchain technology underscores its dedication to transparency, ethical sourcing, and consumer trust. By keeping tabs on such a significant portion of the world's diamond production, De Beers sets a benchmark for transparency and ethical practices in the diamond industry.
