Chow Tai Fook Joins De Beers' Tracr Blockchain Traceability Platform Pilot

(IDEX Online) – The Chow Tai Fook Jewellery Group is joining the Tracr™ end-to-end diamond industry blockchain traceability platform being developed by the De Beers Group in collaboration with key industry stakeholders.

Chow Tai Fook joins a range of other leading businesses from across the diamond value chain in piloting the next generation asset-tracking platform powered by blockchain and artificial intelligence, De Beers said. Chow Tai Fook will work with Tracr to support the objective of continuing to enhance consumer assurance over a diamond’s traceability, provenance and authenticity.

"Chow Tai Fook’s participation will further extend the platform’s reach into the Asian diamond sector, in particular in Greater China. This will help accelerate Tracr’s ability to fulfil its mission of working with the industry to build a digital ledger that spans the entire diamond pipeline, helping to ensure the platform made by the diamond industry meets the needs of all industry participants."

Bruce Cleaver, CEO, De Beers Group, said: “Chow Tai Fook is one of the world’s leading diamond jewellery retailers, with great experience and expertise in the Asian retail sector. Chow Tai Fook’s focus on providing their customers with full confidence about their purchases makes them an ideal participant as we continue to develop the Tracr pilot, and we are delighted to welcome them on board.”

Kent Wong, Managing Director, Chow Tai Fook Jewellery Group, said: "Authenticity, provenance and traceability are increasingly important in the jewellery sector, particularly for consumers who pursue to know the jewellery they purchase supports their values and expectations. We are thrilled to join the pilot led by De Beers Group and are committed to continuing to be a leader in uplifting consumer experience and confidence. We believe that our participation in Tracr will help ensure we are at the forefront of this important issue."

Jim Duffy, General Manager, Tracr, said: “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.”

Tracr is focused on providing consumers with confidence that registered diamonds are natural and conflict-free, improving visibility and trust within the industry and enhancing efficiencies across the diamond value chain. In addition, Tracr will work to complement and support the diamond industry’s existing initiatives and regulations to ensure consumer confidence in diamonds, De Beers added.