Partnering to explore blockchain potential
Blockchain technology holds the promise of increased transparency across the supply chains of many sectors, and the jewelry industry is no exception. To explore this potential, in 2019, Signet became the first retailer to join De Beers’ innovative new blockchain program, Tracr™. The program aims to establish a unique and completely secure way to trace diamonds as they move from the mine to retail. By working together, we can assure a diamond’s provenance, natural creation and traceability along the supply chain to provide the consumer with a new baseline of trust in both the diamond itself and the industry at large.
Blockchain technology is essentially a digital record that keeps track of every transaction and exchange for a specific diamond. Because the record is visible to numerous individuals and must be confirmed by several managers with access to the blockchain, a change cannot be made to the record without notifying everyone else involved. This shared responsibility dramatically reduces the risk of fraud in the supply chain and increases the credibility of claims regarding the sources of materials.
Signet is also working on another initiative with De Beers, as well as the Diamond Producers Association, to ensure the integrity of the natural diamond supply chain. With the aim of reassuring customers that a diamond sold as natural is truly of natural origin, Project ASSURE has developed a Standard for diamond detection technology in association with Underwriters Laboratories (UL). Devices are submitted to UL for testing under the ASSURE Standard. The published results allow the trade to make informed choices about diamond detection equipment.