Signet Jewelers Is First Retailer to Join the Tracr Pilot Programme
Signet Jewelers Is First Retailer to Join the Tracr Pilot Programme.De Beers is developing TracrTM – an end-to-end diamond blockchain in association with the diamond industry. The programme is seeing an increasing number of industry leaders taking the trial in the pilot phase and helping Tracr to complete the first digital link from diamond production to retail.
A team on behalf of Signet will work with the team of Tracr to see the requirements are met at the level of jewellery manufacture and retail. The two teams will begin first with tracking diamond jewellery and taking the pilot’s to address the smaller-sized goods as well.
Speaking on Tracr, Bruce Cleaver, CEO, De Beers Group, said its focus is to see present the advantage of blockchain technology to the entire diamond value chain – ‘providing consumers with confidence, the trade with increased efficiency and lower costs, and lenders to the industry with greater visibility. Signet has deep insights into the needs of consumers, and our collaboration will ensure that consumers remain the focus of Tracr.’
On the note of participating in the pilot programme, Virginia C. Drosos, CEO, Signet Jewelers, said that Signet has held a corporate philosophy of responsible sourcing of diamonds, ‘and this will be further strengthened through our cooperation with Tracr. We are joining the Tracr pilot because we believe the project not only has strong potential to facilitate increased transparency and confidence within the industry, but it can also foster much-needed digital transformation.’
Tracr will generate a digital certificate for each diamond registered on it. The certificate will carry the key attributes and transactions of the diamond and thus help retailers give consumers the confidence of the diamond being natural, conflict-free and of it being tracked through the value chain.
The programme is expected to be launched in the latter part of the year. In the beginning of May, De Beers announced it had completed tracking 100 high-value diamonds on Tracr through the value chain, making this the first ever instance of a diamond’s journey being digitally-tracked from mine to retail. De Beers is developing Tracr with the support of BCG Digital Ventures.
Tracr is an innovative, industry-focused blockchain platform developed for the diamond industry by De Beers Group with support from corporate investment and incubation firm BCG Digital Ventures. Tracr is the first blockchain that creates a tamper-proof, immutable record of a diamond’s journey throughout the full value chain – from mine to cutter and polisher through to the jeweller. For more information, visit www.tracr.com.
About De Beers Group
De Beers Group is a member of the Anglo American plc group. Established in 1888, De Beers Group is the world’s leading diamond company with expertise in the exploration, mining and marketing of diamonds. Together with its joint venture partners, De Beers Group employs more than 20,000 people across the diamond pipeline and is the world’s largest diamond producer by value, with mining operations in Botswana, Canada, Namibia and South Africa. As part of the company’s operating philosophy, the people of De Beers Group are committed to ‘Building Forever’ by making a lasting contribution to the communities in which they live and work, and transforming natural resources into shared national wealth. For further information about De Beers Group, visit www.debeersgroup.com.
About Signet Jewelers
Signet Jewelers Limited is the world’s largest retailer of diamond jewelry. Signet operates approximately 3,500 stores primarily under the name brands of Kay Jewelers, Zales, Jared The Galleria Of Jewelry, H.Samuel, Ernest Jones, Peoples, Piercing Pagoda and JamesAllen.com. Further information on Signet is available at www.signetjewelers.com.