Diamonds on the Blockchain: Signet Jewelers Join the Blockchain Bandwagon

Diamonds on the Blockchain: Signet Jewelers Join the Blockchain Bandwagon

Blockchain technology, the revolutionary power behind bitcoin and other cryptocurrencies has been touted as the future of the finance. However, DLT is not only disrupting the world of finance alone but the entire world economy.

In the latest development, Signet Jewelers, a heavyweight in the world of diamond jewelry has joined the diamond blockchain platform, Tracr in a bid to up its game.

Tracr is a first-of-its-kind blockchain project that focuses on tracing diamonds across the full value chain. The project is a brainchild of De Beers, and its pilot was launched in January 2018.

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 greater visibility.

Signet has deep insights into the needs of consumers, and our collaboration will ensure that consumers remain the focus of Tracr.” De Beers CEO, Bruce Cleaver said.

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De Beers has a standing relationship with all stakeholders in the diamond industry. As such, its Tracr pilot has been joined by a vast array of firms in the precious gems ecosystem, of which Signet Jewelers is one of them.

According to the Tracr team, a digital certificate will be created for each diamond that’s registered on the platform. This certificate will have all the necessary information concerning the gems stored in it.

With this system, diamond retailers will be able to prove to clients that their precious stones are natural, conflict-free and has been tracked from the mine down to the store.

“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,” declared CEO of Signet Jewelers, Virginia C. Drosos.

Similarly, IBM’s Crypto Anchor Verifier blockchain and AI solution enable buyers of precious stones, as well as other goods to view the history of the diamond they are interested in purchasing to ensure they are of highest quality and mined by genuine firms, or to verify the authenticity of the products they are buying.

“Interest in using blockchain to track physical goods is growing rapidly. IBM’s Crypto Anchor Verifier solution can be used to capture the optical signature from an original, uncompromised item and subsequently record it on the blockchain, which can verify throughout the supply chain that the item hasn’t been tampered with,” IBM declared.

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