De Beers to use blockchain technology to guarantee diamond’s origins and sales
London — Anglo American’s diamond unit De Beers aims to launch the first industry-wide blockchain this year to track gems each time they change hands, starting from the moment they are dug from the ground, its CEO said on Tuesday. De Beers, the world’s biggest diamond producer by the value of its gems, has led industry efforts to verify the authenticity of diamonds and ensure they are not from conflict zones where gems could be used to finance violence. For De Beers, cast-iron guarantees its stones are ethically sourced are vital to maintaining consumer confidence. It sells technology across the industry to help prevent anyone trying to pass off synthetic stones as natural. The firm also works with the rest of the industry and governments to support the Kimberley Process set up in 2003 to increase transparency and eliminate trade in conflict diamonds. The firm says blockchain, the technology underpinning crypto-currencies such as bitcoin, complements its existing methods. It offers ...
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