De Beers Hires Tech Exec to Lead Blockchain

RAPAPORT… Tracr,
De Beers’ blockchain platform, has appointed technology executive Jim Duffy to run
the next phase of the project’s development.



Duffy (pictured) joins Tracr as general manager just as the platform is starting to grow in
scale, the De Beers operation said Thursday. More than $100 million worth of
rough diamonds have gone onto the company’s blockchain since the launch of the
pilot in January 2018, it said.


Before
the move, Duffy led several technology start-ups, and has worked for large
global technology companies, as well as in the financial sector. He will run
the operational and commercial aspects of the Tracr venture, take charge of the strategy
for making it available to the industry, and manage its interactions with other
organizations involved in the project.


“Jim’s
skills and experiences are the perfect fit for realizing the vision we have for
Tracr — a unique digital platform that will enhance long-term sustainability
and deliver a range of benefits for the whole diamond industry,” said Neil
Ventura, De Beers’ executive vice president for strategy and innovation.


De
Beers launched the idea of a blockchain for the diamond sector last year,
presenting it as a way to provide mine-to-customer traceability for the entire
industry. In the coming months, Tracr will focus on bringing new strategic
partners into the pilot program, as well as making use of what the company
has already learned from the test phase. Five diamond manufacturers are
currently involved in the pilot alongside US retailer Signet Jewelers.