World’s largest Diamond Jewellery Retailer Joins Blockchain Platform Tracr
De Beers Group reported that Signet will be joining Tracr, their diamond supply blockchain platform according to a press statement on May 24. Signet joined the venture, which expects to bring transparency to the business, in addition to boosting customer certainty.
Signet has joined Tracr in its pilot form, which as indicated by the official statement, will empower the platform to finish a “digital link” from diamond creation to its retail store. The parties will guarantee that the platform corresponds to requirements of producers and retailer, at first concentrating on the tracking of diamond jewellery.
Tracr makes a digital declaration for every precious stone, which will be enlisted on the platform and will contain key characteristics and exchanges. This will purportedly give buyers a chance to confirm that the diamonds they buy are natural and conflict-free.
The CEO of De Beers Group, Bruce Cleaver remarked on the partnership:
“…Tracr is focused on bringing the benefits of blockchain technology to the full diamond value chain – providing consumers with confidence, the trade with increased efficiency and lower costs, and lenders to the industry with greater visibility.”
The headquarters of Signet Jewelers is located in Ohio and works in American, British and Canadian markets, where it ranks one among diamond retailers. In 2017 it made over 3.8 billion USD in diamond jewellery sales. As indicated by their 2018 yearly report, Signet Jewelers possesses a market share of 7 percent of the US jewellery market.
Not long ago, De Beers tracked 100 highly esteemed diamonds from the mine to the retailer by using the blockchain technology. This was apparently the “first time a diamond’s journey has been digitally tracked from mine to retail.” De Beers expects Tracr platform to launch later this year and be open to the entire diamond industry.
KGK Diamonds and Alrosa, the two leading diamond dealers agreed yesterday to work with blockchain startup D1 Mint Limited to tokenize jewels. It is believed that the innovation of blockchain can transform the valuable precious gem industry by making natural diamonds into an investment asset for class with more extensive appeal across “various investor groups, driv[ing] higher demand.”