08 Aug 2020
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Connecting the Diamond Industry
Tracr Platform
By: Diamond World News Service
Aug 10 2019 1:22PM
Reference: 22415  

Providing a common platform for the entire diamond industry supply chain, Tracr is best described as an Internet of Value platform built to establish a baseline of trust. This is done through provenance, traceability and authenticity of diamonds. It provides a single, immutable digital record for every registered diamond, underpinning consumer confidence in a way that has not been previously possible, while enhancing efficiency through a more connected diamond industry.

Collaboration Over Competition

Tracr engages the entire diamond industry to collaborate on a common platform thus benefitting the whole diamond supply chain – from large diamond producers to small family-owned businesses. Their goals are threefold: Firstly, Tracr, being the digital infrastructure for a connected diamond industry, allows participants to increase efficiency via a common platform. Second of all, since Tracr has been created by the industry, for the industry, it ensures that value is retained within the industry. And last but not least, it also aims to give producers, manufacturers and retailers the opportunity to create new sources of value through a robust ecosystem of applications.

Sharing his views on the significance of Tracr in the diamond industry, Sachin Jain, President, Forevermark, India says, “Telling the unique story of each diamond piece, be it through blockchain, fair trade sourcing or the contribution to sustainability programmes, is a way to bring together individuality and social engagement for young consumers.”

The way Tracr Works
Tracr is able to digitally trace a diamond’s journey as it passes along the value chain, by creating a unique digital ID for every diamond registered on the platform. Each “digital asset” is linked to a natural diamond and its physical attributes. It then verifies each diamond’s provenance and authenticity through both data science and physical identification techniques, providing a double layer of assurance.
This process is repeated at essential steps of the value chain, enabling Tracr to consolidate a diamond’s data into an immutable digital trail, assuring traceability from rough to polished. Crucially, Tracr has a unique approach to data privacy that ensures immutable end-to-end traceability while allowing each user to maintain full control of their own data.
As a user of Tracr technology, Hitesh Shah, Partner, Venus Jewel shares, “Tracr is the best neutral platform as of today that begins at the mine and provides full traceability through the value chain. This is very critical as it brings confidence, history and a story about each diamond to a consumer. It can bring transparency in the stock evaluation which can improve the confidence of the financial institutions globally with the diamond industry. To make this work, maximum stock should be covered on the Tracr Platform.”

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