De Beers Group progresses development of first blockchain initiative to span the diamond value chain
De Beers Group today announced it is progressing development of the first blockchain technology initiative to span the diamond value chain and provide a single, tamper-proof and permanent digital record for every diamond registered on the platform.
The initiative will underpin confidence in diamonds and the diamond industry by ensuring that all registered diamonds are conflict-free and natural, while also enhancing efficiency across the sector.
Following the success of an initial proof of concept trial that resulted in a working prototype, a pilot is now underway involving a small number of participants. The pilot will identify key insights and opportunities for enhancement and assess how the platform can be integrated with existing systems and processes, in advance of a full launch later this year.
De Beers is collaborating with technology and industry leaders to ensure the platform is inclusive and meets the needs of all users. During this development phase, key considerations are being addressed, including the protection of commercially sensitive data, streamlining processes at various stages of the value chain, and providing further assurance for those that finance the industry.
Once fully established, it is anticipated that the blockchain will operate as an open platform, on top of which a range of applications that benefit the industry can be built.
Bruce Cleaver, CEO, De Beers Group, said: “Diamonds hold enduring value and represent some of life’s most meaningful moments, so it’s essential to provide assurance that a diamond is conflict-free and natural. By leveraging blockchain technology, we will provide an additional layer of assurance to consumers and industry participants, with every diamond registered on the platform having a record as everlasting as the diamond itself.
“We are very excited about this initiative and the benefits it could deliver across the diamond value chain, from producers through to retailers and consumers. We look forward to continuing to engage with industry stakeholders as we progress development of the platform over the coming months.”
To learn more about the diamond blockchain initiative, and to sign-up to receive updates on its development, please visit www.diamondblockchaininitiative.com.
De Beers Group press office
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About De Beers Group
De Beers Group is a member of the Anglo American plc group. Established in 1888, De Beers Group is the world’s leading diamond company with expertise in the exploration, mining and marketing 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 mining operations in Botswana, Canada, Namibia and South Africa. As part of the company’s operating philosophy, the people of De Beers Group are committed to ‘Building Forever’ by making a lasting contribution to the communities in which they live and work, and transforming natural resources into shared national wealth. For further information about De Beers Group, visit www.debeersgroup.com.