De Beers’ blockchain initiative has reached Asian shores after Hong Kong retailer Chow Tai Fook Jewellery Group joined the platform’s pilot programme.
Chow Tai Fook will work with Tracr™, the end-to-end diamond industry blockchain traceability platform being developed by De Beers, to help enhance consumer assurance over a diamond’s traceability, provenance and authenticity.
The retailer joins a range of other leading businesses from across the diamond value chain, including Russian miner Alrosa and US retailer Signet Jewelers, in piloting the next generation asset-tracking platform powered by blockchain and artificial intelligence.
According to De Beers, 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.
Kent Wong, managing director of Chow Tai Fook, commented, “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.”
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.