What’s going on?
The world’s largest retailer of diamond jewellery has joined De Beers Group’s blockchain-based diamond-tracking project.
Why does it matter?
Signet is the latest and largest of a growing number of industry giants who have joined the Tracr pilot program, reported CCN. Tracr is expected to launch in late-2018 and gives each diamond a unique ID code that indicates the stone’s weight, colour and clarity, all of which is stored on the dedicated distributed ledger.
What’s Signet’s story?
Signet operates around 3,500 stores under a range of portfolio brands, including Kay Jewellers, Zales, Jared The Galleria Of Jewellery, H.Samuel, Ernest Jones, Peoples, Piercing Pagoda and JamesAllen.com, explained De Beers in an official announcement.
De Beers CEO Bruce Cleaver said: “Tracr is focussed on bringing the benefits of blockchain technology to the full diamond value chain – providing consumers with confidence, the trade with increased efficiency and lower costs, and lenders to the industry with greater visibility. Signet has deep insights into the needs of consumers, and our collaboration will ensure that consumers remain the focus of Tracr.”
Signet CEO Virginia C. Drosos added: “Responsible sourcing of diamonds has always been an integral part of Signet’s corporate ethos, and this will be further strengthened through our cooperation with Tracr. We are joining the Tracr pilot because we believe the project not only has strong potential to facilitate increased transparency and confidence within the industry, but it can also foster much-needed digital transformation.”
Earlier this month we reported the blockchain-powered tracking platform had successfully followed its first 100 high-value stones from mine to shop.