Blockchain News Today: The world’s largest diamond retailer Signet Jewelers will watch diamonds with Blockchain

Signet Jewelers, the world’s largest diamond retailer, announced yesterday that it was the first business to join the Tracr-named Blockchain pilot program run by diamond miners De Beers . Signet Jewelers participates in the project, which aims to bring transparency to the industry, in addition to giving confidence to consumers.

The world’s largest diamond retailer trusts Blockchain

Signet will join the Tracr platform in its pilot version and, according to the press release, will provide the platform with a “digital link” from diamond production to the retail point of sale. The parties will try to meet the needs of manufacturers and retailers by focusing on the follow-up of diamond jewelery .

For each diamond, Tracr will create a digital certificate that will be stored on the platform and contain important attributes and operations. This will enable consumers to verify that the diamonds they buy are natural and unique.

Signet Jewelers has a 7 percent market share in the US diamond market
De Beers Group CEO Bruce Cleaver commented on the partnership:

Tracr focuses on bringing the benefits of Blockchain technology to the precious diamond supply chain. It also makes it possible to provide low-cost and high-efficiency trading besides providing confidence to customers. In addition, it provides a much better view and monitoring of the industry.

Signet Jewelers, based in Ohio, operates in Canada , US and UK markets , with a number one position among diamond retailers . The company earned more than $ 3.8 billion in diamond jewelry sales in 2017. According to the company’s 2018 annual report, Signet Jewelers has a 7 percent market share in the US diamond market.

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Aamir Kapoor is a fintech writer specializing in cryptocurrency and blockchain. He has a background in finance and banking and was a researcher.