De Beers opens Tracr to broader industry

Side by side-Cook says De Beers is proud of its partners in producer countries and the broader industry PIC: MBONGENI MGUNI
Side by side-Cook says De Beers is proud of its partners in producer countries and the broader industry PIC: MBONGENI MGUNI

LAS VEGAS: Diamond giant, De Beers, has opened up its blockchain traceability platform, Tracr, to the broader industry, providing sector-wide provenance as the industry fights to distinguish ethically sourced stones from the Russian production still flowing into the global market despite sanctions.

Tracr, a blockchain-powered tech platform providing for the traceability of De Beers’ diamonds from mine to shelf, was initially launched in 2018, before being expanded to scale last May, as Western nations imposed sanctions and other restrictions on Russia for its invasion of Ukraine.

Russia is the world’s largest producer of diamonds by value, while De Beers, powered by Botswana, is second. By May last year, De Beers had registered one-quarter of its production by value on Tracr and briefing stakeholders here on Friday, the group’s CEO, Al Cook, said the figure had risen to half.


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