The world’s largest producer of diamonds, a Russian group of companies “ALROSA” joined blockchain project Tracr — a pilot program of the international Corporation De Beers Group.

It seems that this contract is one of the largest and most important industry in the context of the implementation of blockchain innovation. ALROSA and De Beers together produce almost half of all diamonds in the world. Moreover, the reporting data show that sales of rough diamonds from the Russian company in the third quarter of 2018 grew by 12%, or $949 million dollars, compared with same period last year.

About the project Tracr De Beers was first approached in December of last year. With the help of technology the company was going to solve the problem of money-laundering and smuggling in the sector, increasing transparency of supply of precious stones. The principle of operation of Tracr following: all movements and events occurring with the diamonds during their shopping journey are recorded in digital certificates previously created for each object. All data is stored on the blockchain, so every participant can check the status of the product and make sure it “conflict-free”.

The term “conflict” referred to diamonds mined in war zones. Funds from the sale generally go to the funding of terrorist or rebel groups. Also to refer to such products widely used term “bloody”.

Tracr will complement the existing set of rules and standards that protect the diamond from intruders. We are talking about such methods as the certification scheme of the Kimberley process and the voluntary system of warranties the world diamond Council and the code of practice of the Council for responsible jewellery practices.

According to the head of “ALROSA” Sergei Ivanov, a collaboration with De Beers and the participation in the project Tracr was due to the belief that companies from one industry need to work together to achieve a common goal. It should be noted that Tracr is designed, De Beers is not alone: his contribution made and other companies associated with the diamond industry, — Diacore, Diarough, KGK Group, Rosy Blue NV and Venus Jewel.

In may, De Beers announced that it was able to track the production and sales chain hundred gems. In the same month, the project was joined by the world’s largest retailer jewelry Signet Jewels. Tracr a full launch is expected later this year.