Tracr, the diamond industry blockchain traceability platform being developed by De Beers Group with key industry stakeholders, has announced that Chow Tai Fook Jewellery Group has joined its pilot program.
Chow Tai Fook is one of the largest retailers in Asia. Signet Jewelers, the largest jewelry retailer in the United States, has been participating in the platform since May.
Tracr has been billed as the first blockchain platform that creates a tamper-proof, immutable digital ledger of a diamond’s journey throughout the value chain—from mine through the cutter and polisher to the jeweler. It is aimed at giving consumers confidence that their diamonds are natural and conflict-free.
JCK took an in-depth look at the Tracr platform and its goals in June. It is being developed in collaboration with BCG Digital Ventures, a division of Boston Consulting Group.
Chow Tai Fook managing director Kent Wong said in a statement: “Authenticity, provenance and traceability are increasingly important in the jewelry sector, particularly for consumers who [want] to know the jewelry they purchase supports their values and expectations.”
Jim Duffy, the general manager of Tracr who was appointed this summer, said in the same statement: “Chow Tai Fook’s participation will help to ensure that Tracr meets the needs of all types of businesses in a range of different geographies. This is critical to Tracr’s objective of establishing traceability, provenance and authenticity for the diamond industry, which consumers and businesses alike have told us is the new standard they are looking for.”
In related news, this week, RocketSpace, a Silicon Valley–based consulting company, announced that De Beers’ Tracr and GemFair teams would be moving into the RocketSpace tech campus in London.
In September, De Beers announced it was collaborating with RocketSpace on a range of initiatives, including technology-driven safety solutions.
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