Blockchain technology is revolutionizing the diamond industry by increasing accountability and transparency in diamond sourcing. Major players in the industry, including the Gemological Institute of America (GIA), Tiffany & Co., and De Beers, are adopting blockchain technology to strengthen provenance and ensure ethical practices [4c836d1a].
The decentralised Tracr blockchain platform, launched in May 2022, has played a pivotal role in this transformation. Tracr has registered over a million rough diamonds at the source and 110,000 diamonds at the manufacturer level. Each diamond is assigned a unique digital ID on the Tracr platform, enabling retailers and consumers to access detailed information about its provenance [4c836d1a].
Tracr has successfully onboarded key industry players, including GIA, Sarine Tech, and RapNet. These partnerships have further enhanced the platform's credibility and reach. The adoption of blockchain technology in the diamond industry is an ongoing process, with plans to integrate Tracr with existing technology platforms and expand into the artisanal sector through the ethical sourcing program GemFair in Sierra Leone [4c836d1a].
The integration of blockchain technology in diamond sourcing is a significant step towards ensuring responsible and ethical practices in the industry. By leveraging the transparency and immutability of blockchain, stakeholders can trace the journey of each diamond, from its origin to the final consumer. This not only strengthens consumer confidence but also helps combat issues such as conflict diamonds and unethical practices [4c836d1a].