Chow Tai Fook Joins De Beers Blockchain

RAPAPORT… De Beers has expanded its blockchain initiative into the
Asian retail sector by signing up Chow Tai Fook, the largest diamond jeweler in
the region.



Chow Tai Fook’s participation will enable De Beers to extend
the reach of the Tracr diamond-tracking program into greater China and the
wider Asian market, the companies said Wednesday.


“Authenticity, provenance and traceability are increasingly
important in the jewelry sector, particularly for consumers who pursue to know
the jewelry they purchase supports their values and expectations,” said Kent
Wong, managing director of Chow Tai Fook.


Earlier this year, the jeweler partnered with the Gemological
Institute of America (GIA) on a blockchain program to deliver digital grading
reports for its T Mark brand. Joining Tracr extends Chow Tai Fook’s use of
blockchain to other collections. Its participation means Tracr now has the
world’s two largest diamond retailers on board, after US giant Signet Jewelers
joined the project earlier this year.


De Beers launched Tracr to provide a digital link across the
entire supply chain from mine to retail, pitching it as an open platform for
the entire diamond industry. During the current pilot stage, it’s working with
Russian miner Alrosa and five diamond manufacturers, in addition to Signet and
Chow Tai Fook.


“This will help accelerate Tracr’s ability to fulfil its
mission of working with the industry to build a digital ledger that spans the
entire diamond pipeline, helping to ensure the platform made by the diamond
industry meets the needs of all industry participants,” De Beers said.

Image: A Chow Tai Fook store in Hong Kong. (Shutterstock)