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Alrosa joins De Beers in quest for traceability

The world’s two largest diamond producers have come together to ensure stone traceability, with Alrosa (MCX:ALRS) joining the pilot programme of De Beers’ diamond industry blockchain traceability platform, Tracr.
Alrosa joins De Beers in quest for traceability Alrosa joins De Beers in quest for traceability Alrosa joins De Beers in quest for traceability Alrosa joins De Beers in quest for traceability Alrosa joins De Beers in quest for traceability

Tracr will now allow diamonds from De Beers and Alrosa mines to be tracked throughout the supply value chain

Staff reporter

The pilot began in May when De Beers successfully digitally tracked 100 high-value diamonds throughout the value chain from mine to retail.

At the time, it said the platform created an "immutable and secure digital trail" for a selection of rough diamonds moving from a De Beers mine to a cutter and polisher to a jeweller.

De Beers said Alrosa's involvement would provide "enhanced assurance for consumers and trade participants about the provenance and authenticity of their diamonds, and in creating a digital foundation for new services that can only be developed on an end-to-end platform".

CEO Bruce Cleaver said the collective efforts of the two diamonds giants would allow more diamonds to be tracked from mine to retail.

"Having a critical level of production on the platform will deliver significant benefits for consumers and diamond industry participants," he said.

Alrosa CEO Sergey Ivanov agreed traceability was key to further development of the diamond market.

"It helps to ensure consumer confidence and fill information gaps, enabling people to enjoy the product without any doubts about ethical issues or undisclosed synthetics … We believe tracing requires industry cooperation and complementation for the sake of a common goal," he said.

Tracr aims to eventually work with all members of the diamond industry to provide consumers with confidence that registered diamonds are natural and conflict-free, improving visibility and trust and enhancing efficiencies across the diamond value chain.

It is targeted to complement and support existing initiatives and regulations, such as the Kimberley Process Certification Scheme, World Diamond Council System of Warranties and Responsible Jewellery Council Code of Practices.