The Russian group of diamond mining companies, ALROSA has joined blockchain pilot project of De Beers Corporation called Tracr.
Platform Tracr will track the entire trade route for diamonds with the aim of increasing transparency in the supply chain. According to a press release, Tracr would also avoid trafficking in counterfeit precious stones and confirm their authenticity.
Thanks to the blockchain solution, market participants will be able to see what was in the distributed network product is not a diamond mined in areas of warfare.
The project will work to complement and support existing in the diamond industry initiatives such as the certification scheme of the Kimberley process and system of warranties the world diamond Council and the code of the Council for responsible jewellery practices.
Recall that the De Beers Corporation have shared their plans for implementation of the blockchain on the diamond market in December 2017. In may a pilot project, De Beers joined the diamond jewelry retailer Signet Jewelers. It is expected that the full launch of the platform Tracr will take place in late 2018.