GIA Joins Tracr Provenance Platform
April 18, 23
(IDEX Online) - GIA is joining Tracr, the blockchain platform developed by De Beers, to strengthen consumer confidence in natural diamonds.
Consumers buying a diamond traced from source by Tracr and graded by GIA will receive enhanced information on the stone's provenance.
Tracr is the only distributed diamond blockchain that starts at the source and operates at scale.
It has registered more than a million rough diamonds at source and 110,000 diamonds at the manufacturer level.
Tracr brings together a range of leading technologies, and was named by Forbes as one of the world's 50 leading blockchain solutions.
The immutable nature of each transaction on the platform ensures that the data cannot be tampered with even when the diamond moves further down the value chain.
The GIA/De Beers cooperation represents "a step-change in the diamond industry's ability to provide provenance assurance at scale for consumers" the companies said in a joint statement.
Pritesh Patel, GIA senior vice president and CEO said, "Ensuring consumer confidence by providing trusted, impartial information about their diamonds is at the core of GIA's consumer-protection mission."
Pic courtesy De Beers