In a groundbreaking development in the diamond industry, the launch of the Tracr blockchain platform in May 2022 has revolutionized the way diamonds are sourced and tracked. Spearheaded by Everledger founder Leanne Kemp, the platform has registered over a million rough diamonds at the source and 110,000 diamonds at the manufacturer level, according to De Beers Group.
Tracr CEO Wesley Tucker attests to the platform’s ability to provide a permanent record of each diamond’s provenance journey from mine to retail. With key industry players like the Gemological Institute of America (GIA) and Sarine Tech onboard, Tracr assigns a unique digital ID to each diamond, allowing retailers and consumers to access its provenance details.
The adoption of blockchain technology by major brands like Tiffany & Co. further underscores the industry’s commitment to transparency and accountability. In August 2022, Tiffany & Co. launched a limited edition line of CryptoPunk pendants, leveraging blockchain to deepen brand engagement.
The move towards blockchain technology is not without its challenges, as Tucker acknowledges the varying levels of technological sophistication within the industry. However, Tracr is focused on onboarding more industry players across the diamond supply chain and integrating with existing technology platforms to establish a comprehensive, industry-wide platform.
As consumer demand for ethical sourcing and sustainability initiatives grows, blockchain technology offers a solution to build trust and confidence in the diamond industry. With Everledger at the forefront of this digital revolution, the future of diamond provenance looks brighter than ever before.
