Anglo American鈥檚 De Beers, the world鈥檚 largest rough diamond producer by value, plans to launch this year , which will enable greater tracking of gems being traded worldwide.
The technology, which De Beers , allows tracing each diamond throughout the entire value chain 鈥� from mine to buyer. It would make of the company an industry leader in terms of ensuring both that gems don鈥檛 come from war zones where they could be used to finance violence, and their authenticity.
The open platform will trace the diamonds鈥� route through the value chain, from mine to consumer, ensuring their authenticity and that they are not from conflict zones.
Despite the establishment of the Kimberley Process in 2003, aimed at removing those so-called conflict diamonds from the supply chain, experts say聽.
De Beers believes its development should help solve that problem. 鈥淒iamonds hold enduring value and represent some of life鈥檚 most meaningful moments, so it鈥檚 essential to provide assurance that a diamond is conflict-free and natural,鈥� chief executive Bruce Cleaver .
鈥淲e are very excited about this initiative and the benefits it could deliver across the diamond value chain, from producers through to retailers and consumers,鈥� he added.
Blockchain is a shared database of transactions maintained by a network of computers on the Internet, currently being employed in the bitcoin sector.
De Beers decided to develop its following mounting concerns from customers, who wanted proof the diamonds they were acquiring had not been used to fund conflicts.
The company sells its diamonds mostly to authorized buyers at a series of so-called 鈥渟ights鈥� in Botswana, Namibia and South Africa. Then, they are normally sent to be polished or cut before ending up with retailers.