Tracr-Sarine Tech Ready for G7 Sanctions
March 08, 24
(IDEX Online) - Tracr and Sarine have signed a Heads of Terms for the diamond traceability solution they're jointly developing and say it is ready for the new G7 import requirements.
Tracr, the De Beers-owned company, will register the rough diamonds on the blockchain and Israel diamond tech company Sarine will verify their provenance.
The EU nations have announced that sanctions on Russian diamonds of above 0.5 carats or above will be backed by a traceability-based verification and certification mechanism from 1 September, but have yet to say what technology will be adopted.
De Beers says it will focus on making digital access to information on diamonds available to G7 officials.
Al Cook, De Beers Group CEO, said: "We are committed to accelerating the development of our traceability systems to ensure that our customers have enhanced confidence in the provenance of the diamonds they purchase."
David Block, Sarine Group CEO, said: "We are thrilled by the growing collaboration with Tracr that will accelerate the ability to track diamonds in large scale with the highest level of reliability while minimizing trade disruptions. This aligns with the G7's long-term goals of fostering a diversified supply chain."