De Beers is investing in a new platform that will track diamonds throughout the value chain, using blockchain technology.
The new platform “will provide a single, immutable record that traces a diamond’s individual journey through the value chain,” said CEO Bruce Cleaver in a blog post.
The system can verify activity without revealing details of every transaction to everyone involved—a fear that many in the diamond industry have expressed about tracking schemes.
“Participants can be confident that a transaction occurred, but safe in the knowledge that the sensitive data remains between them and their counterparty,” Cleaver said.
The new platform will be “open and independent” and “inclusive,” meaning it will be shared with the rest of the diamond industry, Cleaver said.
“It must be developed through ongoing engagement with industry leaders willing to share their insights and perspectives,” he added.
De Beers has previously refused to participate in diamond-tracking schemes.