18 Jun 2019
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Online Diamond Records To Prevent Fraud
Technology Transparency
By: Diamond World News Service
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Feb 15 2018 1:47PM
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Reference: 16083  

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Achieving transparency of a diamond’s trajectory from the mine to the finger is a complex challenge. However, the revolutionary blockchain technology offers an innovative solution to track a diamond’s progress along the entire value chain since exiting the mine, while claiming to make these records hacker proof. What is this ground-breaking technology that could well drive industry players to close ranks, and come together? Is the near failure of the Kimberley Process and the demand for better tracking systems, the raison d’être for De Beers’ pilot program to use blockchain technology for source transparency? By Aasha Gulrajani Swarup

Buying a diamond ring does not mean picking up the prettiest piece of jewellery within a certain budget. It involves making a conscious decision, considering whether the diamond is an authentic natural stone mined from the earth and legitimately sourced without environmental damage, protected fair labour practices does not involve any health and human rights abuses. The foundation for this scenario is being laid today.

With the near failure of the Kimberley Process, the struggle for transparency against the threat of lab grown or conflict diamonds and tighter revenue margins, the diamond industry realised that it needs to safeguard the business and creative resourcefulness seems to have emerged out of the contradictions.

Out of the duality of accusations and mistrust, the industry has emerged focussed on an innovative technology and is ready to put aside its differences to protect its customers and its business by providing the much-needed transparency of diamond sourcing.

Pilot Project
De Beers has taken the lead to initiate a pilot project to work with the new blockchain technology, so far used by banks and cryptocurrencies, that will be adapted for the industry to enable an innovative tracking mechanism for the diamond all the way from the mine to the finger and each time it changes hands in between.

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