https://t.co/qHMm03i2tQ — Cryptosombrero (@cryptogotham) December 19, 2019
On December 16, it has been reported that in a joint statement, the three firms said that the program aims to improve transparency and consumer trust across the diamond supply chain by enabling social media users to purchase diamonds with full knowledge of their origin, characteristics and ownership history.
However, the three firms claim that the mini-program can help Chinese jewelry manufacturers and retailers to increase trust in their brand and differentiate themselves among a highly competitive market. The impulse is that consumers have access to an immutable blockchain ledger that accurately reflects the history of each diamond.
Alrosa has pledged to provide full information on their diamonds’ extraction in Russia, thus providing users with a reliable measure for the sustainability and “ethical footprint” of their purchases.
As it has been reported, Alrosa has a long history of collaborations in the blockchain industry. Back in May 2018, the firm partnered with KGK Diamonds and D1 Mint, a blockchain startup, to tokenize diamonds. It also joined a pilot of the diamond supply chain blockchain platform Tracr, together with De Beers, the industry giant and former monopoly.
Likewise, such platforms aim to assuage consumer concerns in regard to both the authenticity and conflict-free status of diamonds, i.e. the stones have not been mined in a war-zone or traded to illicitly fund combat.