De Beers ORIGIN: Tracking diamonds with blockchain technology

De Beers recently unveiled its ORIGIN program. Using its proprietary blockchain technology called Tracr, the diamonds can be traced from the mine to the market. CEO Al Cook calls it a breakthrough.

Regarding the traceability of diamonds

Many concerns and misconceptions still surround natural diamonds. Is child labor involved? Are these diamonds blood diamonds used to finance civil wars in Africa?
Will the currently sanctioned Russian diamonds still find their way into circulation?

The Kimberley Process (KP) is a global standard for the traceability and ethical sourcing of diamonds. The KP itself refers to conflict-free diamonds. Countries can voluntarily join this process for certifying natural diamonds. Currently, 86 countries are represented by the Kimberley Process, and its members cover approximately 99.8 percent of all diamond-producing countries.

The conflict-free origin of the diamonds is verified with standardized certificates.

De Beers is a founding member of the Kimberley Process and currently holds approximately 20 percent of the global diamond production market share. Since 2018, De Beers has also been using its own blockchain technology called Tracr to ensure complete traceability from the mine to the market.

Since this year, Tracr can also trace diamonds from 1 carat upwards back to a single country of origin; De Beers describes this as a milestone in traceability that helps to make the origin story of diamonds understandable.

New tracking program: De Beers ORIGIN

Under the name ORIGIN, De Beers now also sells individual diamonds that are directly traceable via the Tracr blockchain system. Customers of De Beers partners thus have the opportunity to select a diamond for their jewelry that can be traced back to its mine. This creates transparency and trust in the product.

De Beers CEO Al Cook writes in a LinkedIn post: 

"When you know the origin of a diamond, you know it is ethically sourced. You know its story. You know its beauty is complemented by the good it has done on its journey to you. You know your diamond is unique, just like you."

Cook describes the launch of ORIGIN as a breakthrough and emphasizes that such a thing takes many years and requires the collaboration of hundreds of people – from the miners and appraisers to the traders. "From dreamers to doers. I am grateful to you all!" said Cook.

Sources: De Beers, LinkedIn, ORIGIN, Kimberley trial