The world’s largest diamond retailer, Signet Jewelers, announced that it is joining De Beers blockchain platform Tracr. In this way, more enterprises join the blockchain world and enhance their services and products.
Signet Jewelers Blockchain Integration
The prestigious company will be joining De Beers Group blockchain project that tracks diamonds from the source until the consumer. With this pilot, both companies will be able to increase user satisfaction by tracing the diamonds they will be selling.
An important benefit of embracing this technology is that it will grant that the magnificent gems are not illegal and mined by slaves in Africa. Additionally, Tracer ensures that there is no theft, modification, or substitution in the production line.
In a statement released by De Beers Group on May the 28, Bruce Cleaver, CEO of the company, explained:
“We are delighted to welcome Signet to the Tracr pilot programme. Tracr is focused on bringing the benefits of blockchain technology to the full diamond value chain – providing consumers with confidence, the trade with increased efficiency and lower costs, and lenders to the industry with grater visibility. Signet has deep insights into the needs of consumers, and our collaboration will ensure that consumers remain the focus of Tracr.”
Attacking Fraudulent Activities
According to Virginia C. Drosos, CEO of Signet Jewelers, responsible sourcing of the diamonds has always been an important part of Signet’s corporate ethos. By joining this project, the company expects to increase the confidence of its customers.
Mrs. Drosos, said:
“Responsible sourcing of diamonds has always been an integral part of Signet’s corporate ethos, and this will be further strengthened through our cooperation with Tracr. We are joining the Tracr pilot because we believe the project not only has strong potential to facilitate increased transparency and confidence within the industry, but it can also foster much-needed digital transformation.”
The platform is expected to be launched later during this year. At the moment, De Beers Group announced that it was able to successfully track 100 high-value diamonds with Tracr. This was the first time that a diamond’s journey has been digitally-tracked from mine to retail.