A diamond’s journey from mine to market can be as complex as its facets, with consumers increasingly expecting to know the source and ethical credentials of their diamonds, making transparency more than a buzzword when it comes to diamond provenance – today, it's an imperative.
Diamonds are traditionally authenticated using certificates of origin, which sometimes include geographic origin, and grading reports from gemological laboratories. These documents detail a diamond's characteristics, but rarely trace its entire journey. But what if a diamond could tell you it’s story, from its origins deep within the earth, to its place in an elegant store display?
Tracr, developed by the De Beers Group in collaboration with Accenture, is an industry-first blockchain platform that creates a traceable and tamper-proof record of a diamond's provenance from the source. After diamonds are registered on Tracr at a producer (miner) level, they are assigned a unique digital identity that details key characteristics like carat, clarity, colour, cut, as well as provenance. Leveraging IoT and AI, these identities are securely recorded on the blockchain, meticulously recorded as each diamond moves from rough to polished.
Featured three times on Forbes's Blockchain 50 list, Tracr is significantly transforming the industry by setting new benchmarks for ethical sourcing and transparency. The platform currently hosts a digital inventory of more than 2.8 million rough diamonds, with a combined value of rough and polished stones of US$3.4 billion.
For eligible diamonds, producers upload a digital scan to Tracr, as well as images and videos of the rough stone as part of the registration process. When a manufacturer obtains a diamond, ownership is seamlessly transferred within the platform and the manufacturer uploads a new rough scan. These scans from the producer and manufacturer are compared and the diamond receives a “Tracr Rough Check” if the scans match, minimizing the risk of substitution as a diamond moves along the value chain.
Cloud computing plays a crucial role at Tracr, providing efficient storage and processing capabilities for vast amounts of data, as well as instant access to the platform for all participants in the supply chain. Through superior encryption and access control, as well as compliance with global security standards, Tracr also ensures all diamond data remains secure and private.
Accenture played a pivotal role in supporting the development and scaling of Tracr. We restructured its technical team, implemented agile methodologies and established a robust governance framework that set a strong foundation for delivery. We improved alignment and communication across teams, fostering a collaborative and creative environment. The interdisciplinary team also tackled critical challenges related to data ingestion, processing rate, automated matching and quality checks to ensure the platform's integrity and efficiency, setting Tracr on the right path to scale its industry-first technology.
Since its inception in 2018, Tracr has made significant strides in the diamond industry. Today, De Beers registers over two-thirds of its global production by value on the platform. Tracr has onboarded new miners beyond De Beers, reinforcing its position as a platform created by the industry, for the industry. The platform continues to expand, working with key industry players to drive innovation and transparency across the diamond value chain.
Considering the continued global push for ethical sourcing, exemplified by the G7's ban on Russian diamond imports in 2024, Tracr’s ability to provide provenance has become essential.
Tracr’s recent collaboration with Sarine Technologies Limited, a leading provider of diamond scanning technology, will integrate its blockchain technology with Sarine's Diamond Journey™ traceability system, enabling an even more reliable verification process. Together, Tracr and Sarine aim to deliver a highly effective, scalable and cost-effective digital traceability solution to the diamond industry.
Tracr provides the transparency needed to meet consumer and ecosystem partners’ demands and minimize the risk of illicit diamonds entering the supply chain. By establishing a new benchmark in the industry, Tracr is forging a path for consumers to feel more confident that their diamonds are not only beautifully cut, but also ethically sourced.