The Gemological Institute of America (GIA) will join Tracr, the distributed diamond blockchain platform developed by De Beers Group.
Consumers buying a diamond traced from the source by Tracr and graded by the GIA will receive a GIA grading report with enhanced information about the provenance of their diamond.
As De Beers Group registers more diamonds on Tracr, which are then traced through the value chain, the cooperation between the GIA and Tracr represents a step-change in the diamond industry’s ability to provide provenance assurance at scale for consumers, the parties state.
The GIA’s participation on the Tracr platform builds on an agreement between De Beers and the GIA to deepen cooperation in support of consumer confidence in natural diamonds. As part of this effort, the GIA will explore how to incorporate additional information about the positive impact of natural diamonds with its natural diamond grading reports.
“As the issue of diamond provenance rapidly grows in importance for stakeholders across the diamond value chain, having immutable data about a diamond’s journey from the source on grading reports is a major step forward and will underpin consumer confidence.
“We are delighted to see the GIA – the largest provider of diamond grading reports in the diamond industry – join Tracr and lead the way.
“We have always believed in the importance of having a single provenance solution for the diamond industry, and Tracr’s technological solution and ability to operate at scale are extremely important for meeting emerging needs in this area. We look forward to bringing more key industry players on board with Tracr in the near future,” comments De Beers Group acting executive VP of strategy and innovation Ryan Perry.
GIA senior VP and COO Pritesh Patel adds that ensuring consumer confidence by providing trusted, impartial information about their diamonds is at the core of the GIA’s consumer-protection mission.
“Working with De Beers to bring others in the industry to Tracr will expand the reach and positive impact of the platform,” he says.