In a strategic move, Tracr and Sarine have inked a Heads of Terms agreement for their collaborative diamond traceability solution, asserting its readiness to comply with the upcoming G7 import regulations.
Under this agreement, Tracr, backed by De Beers, will utilize blockchain technology to register rough diamonds, while Sarine, an Israeli diamond tech firm, will undertake the crucial task of verifying their provenance.
The European Union has announced forthcoming sanctions on Russian diamonds weighing 0.5 carats or more, stipulating a traceability-based verification and certification mechanism effective from September 1st. However, the specific technology to be adopted remains undisclosed.
De Beers has expressed its commitment to providing G7 officials with digital access to comprehensive diamond information.
Al Cook, CEO of De Beers Group, emphasized their dedication to expediting the development of traceability systems to bolster customer confidence in diamond provenance.
David Block, CEO of Sarine Group, lauded the deepening collaboration with Tracr, emphasizing its potential to streamline large-scale diamond tracking with utmost reliability, thus aligning with the G7’s objectives of cultivating a resilient supply chain.
