Together, TracrTM and Sarine Technologies Limited will develop a scalable, economical method for tracing diamonds from their origin to the border of G7 nations. Sarine‘s Diamond JourneyTM traceability solution and the Tracr platform’s complimentary advantages are combined in the solution. Utilising a special digital portal, the Tracr-Sarine system is made to make it easier to source verify and track diamonds as they enter the G7 and other nations.
Sarine, a global leader in precision technologies spanning the entire diamond pipeline, and Tracr, the world’s first fully distributed diamond blockchain platform that enables registration of rough diamonds at source, will each apply their market-leading skills and capabilities to deliver a seamless digital ecosystem to enable tracking of diamonds throughout the value chain.
Through the use of verifiable data that is uploaded onto the Tracr platform, Sarine‘s capability to undertake objective verification of a diamond’s progression from rough to polished will be used in the partnership. The digital platform will eventually have a specific customs portal for usage by G7 and other national government authorities.
The solution is anticipated to have little effect on the supply chain due to the utilisation of Sarine‘s and Tracr‘s current, broad networks (about 1.5 million raw diamonds are now registered on Tracr at source, and over 100 million diamonds use Sarine‘s systems annually). This is a system that can be scaled fast and successfully because Tracr and Sarine both have substantial market share in the diamond business.
According to Wes Tucker, CEO of Tracr, “Diamond provenance assurance is a rapidly expanding issue that will have an impact on every aspect of the industry, particularly with the G7 nations planning to enact additional import restrictions. The partnership between Tracr and Sarine will combine the best elements of our respective business models to produce a highly efficient, scalable, and affordable digital diamond traceability solution that can be a key component of the open-ended G7 Diamond Protocol facilitated by the World Diamond Council.
“The collaboration between Tracr and Sarine will enable the diamond value chain to quickly accelerate the volume of diamonds undergoing data-based verifiable traceability, which is the need of the hour,” said David Block, CEO of Sarine Technologies. The synergy produced by a system that combines Sarine and Tracr’s complementing capabilities was the logical next step for diamond traceability and transparency. We are thrilled to be kicking off this collaboration with Tracr, which will bring together industry-leading technologies and develop a new proposition for diamond traceability.”
Both parties will continue to consult with key industry organisations and stakeholders about the new joint plan, as well as the G7’s strategy to enforcing import restrictions in support of the G7 Diamond Protocol.