Tracr, under De Beers ownership, and Sarine, an Israeli diamond technology firm, have formally agreed to terms for their joint diamond traceability solution, now deemed compliant with the latest G7 import standards.
The collaboration entails Tracr utilizing blockchain to register rough diamonds, with Sarine responsible for verifying their origins.
As the European Union announces sanctions on Russian diamonds over 0.5 carats from September 1, a traceability-focused verification and certification process becomes imperative, though the exact technology remains undisclosed.
De Beers is focusing efforts on providing G7 officials digital access to comprehensive diamond data, with CEO Al Cook stressing their commitment to enhancing customer confidence in diamond provenance.
David Block, CEO of Sarine Group, expresses enthusiasm for the collaboration with Tracr, anticipating streamlined diamond tracking on a large scale, minimizing trade disruptions and aligning with G7’s supply chain diversification goals.
