TRACR and Sarine Technologies Sign Agreement for Pioneering Diamond Traceability Solution
- Written by: Daily Bulletin
- Published in News from Asia
The collaboration enables a scalable and cost-effective diamond traceability solution in support of transparency and trust across the supply chain
The collaboration will enable algorithmic matching of diamonds at scale, starting from the source. Both parties will use their respective capabilities to increase process efficiency and reduce the need for duplicate processes by existing participants. Utilising Tracr's blockchain technology, Sarine's diamond scanning solutions, and both companies' sophisticated diamond identification and matching algorithms, the collaboration will create an interface between Tracr's platform and Sarine's cloud, which will facilitate, if enabled by participants, the seamless matching of diamond data across different stages of a registered diamond's journey.
A key benefit of the arrangement will be the ability to offer objective verification of a diamond's journey from a producer's rough supply to a manufacturer's polished production using verifiable diamond scanning information. Introducing a new objective verification capabilitythrough a robust algorithmic matchingprocess will help Tracr and Sarine participants benefit from enhanced provenance assurance, in turn enabling them to offer customers, diamond brands and consumers enhanced confidence in the provenance of a diamond.
By enabling the option of registering their diamonds' data, including diamond scans, to the Tracr platform using Sarine software, participating diamond businesses will be able to have their diamonds benefit from objective verification as the data is algorithmically checked against the corresponding existing diamond data. This includes diamonds from De Beers Group supply uploaded to Tracr, which currently number more than three million. With De Beers now registering single country of origin for all rough diamonds larger than one carat, the solution also has the potential to function as a customs service to facilitate the traceability of a diamond's origins as it crosses international borders, in line with the requirements of the G7 Diamond Protocol.
With the new traceability solution being based on Tracr's and Sarine's existing infrastructure, which is widely used in the industry, the solution is expected to have minimal impact on participants' supply chains, supporting its ability to be scaled quickly and effectively. Furthermore, Tracr's and Sarine's matching processes will be conducted using data from a variety of existing diamond scanning technologies and enabling businesses to benefit from enhanced provenance assurance. This will help to reduce operational complexity and make the matching process more efficient and scalable.
Wesley Tucker, CEO of Tracr, said: "We believe this collaboration will deliver a step change in traceability and provenance assurance in the diamond industry. By enabling the connection between our blockchain technology and Sarine's advanced precision technology, we are creating a new, cost-effective and highly scalable solution that can be implemented at pace. It has been great to work with Sarine on developing a solution that is both innovative and practical, and we see huge potential for it – both for meeting rapidly evolving consumer expectations and in support of the fast-changing regulatory landscape."
David Block, CEO of Sarine Technologies, said: "We believe that this cooperation will greatly enhance the much-needed ability to trace diamonds to their source, providing the industry with greater transparency and the consumers with heightened confidence. It has been a pleasure working with the Tracr team on this initiative, and we look forward to supporting our customers in implementing these capabilities to enhance their operations."
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About De Beers Group
Established in 1888, De Beers Group is the world's leading diamond company with expertise in the exploration, mining, marketing and retailing of diamonds. Together with its joint venture partners, De Beers Group employs more than 20,000 people across the diamond pipeline and is the world's largest diamond producer by value, with diamond mining operations in Botswana, Canada, Namibia and South Africa. Innovation sits at the heart of De Beers Group's strategy as it develops a portfolio of offers that span the diamond value chain, including its jewellery houses, De Beers Jewellers and Forevermark, and other pioneeringsolutionssuch as diamond sourcingandtraceabilityinitiatives TracrandGemFair.De BeersGroup also provides leadingservicesandtechnology to the diamond industryin the formof education andlaboratory services and a wide range of diamond sorting, detection and classification technology services. De Beers Group is committed to 'Building Forever,' a holistic and integrated approach for creating a better future – where safety, human rights and ethical integrity continue to be paramount; where communities thrive and the environment is protected; and where there are equal opportunities for all. De Beers Group is a member of the Anglo American plc group. For further information, visit www.debeersgroup.com.
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