31 October 2018
Russian mining giant Alrosa is piloting diamond traceability programmes being developed separately by two of the diamond industry’s leading players.
One of these is the Gemological Institute of America’s (GIA) M2M program.
“The M2M program is a way to share with the consumer the story of our diamonds,” said Sergey Ivanov, CEO of Alrosa. “Tracing systems are important in confirming the diamond’s provenance, which will benefit industry participants, retailers and ultimately end-consumers. Alrosa is examining different tracing solutions available on the market to provide consumers with confidence and knowledge.”
The M2M program lets the retailer, and ultimately the consumer, to trace the journey of a diamond, adding to its story at each point along the value chain. It allows for the individual characteristics of a polished stone, and its unique journey, to be shared with consumers using a mobile application, together with traditional diamond grading reports.
M2M brings together GIA’s unique ability to scientifically match rough diamonds with polished gems with information from each step in the value chain.
Alrosa likewise joined the pilot programme of Tracr, the end-to-end diamond industry blockchain traceability platform being developed by De Beers Group in collaboration with industry stakeholders.
Following the announcement of the Tracr pilot earlier this year, Alrosa’s involvement brings the world’s two largest diamond producers together to provide enhanced assurance for consumers and trade participants about the provenance and authenticity of their diamonds, and in creating a digital foundation for new services that can only be developed on an end-to-end platform.
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 said it will work to complement and support the diamond industry’s existing initiatives and regulations to ensure consumer confidence in diamonds, including the Kimberley Process Certification Scheme, World Diamond Council System of Warranties and Responsible Jewellery Council Code of Practices.