Tracr and Sarine have officially entered into a Heads of Terms agreement for their collaborative diamond traceability solution, which is now deemed prepared to meet the latest G7 import regulations, IDEX Online reports.
The partnership involves De Beers-owned Tracr registering rough diamonds on the blockchain, while the Israeli diamond tech companySarine will be responsible for verifying their origin.
With the European Union’s recent announcement of sanctions on Russian diamonds measuring 0.5 carats or larger, effective starting September 1, a traceability-centric verification and certification process will be mandated. However, the specific technology to be employed has not yet been disclosed.
De Beers said it is directing its efforts towards providing G7 officials with digital access to comprehensive diamond information. Al Cook, CEO of the De Beers Group, emphasized the company’s commitment to “accelerating the development of our traceability systems to ensure that our customers have enhanced confidence in the provenance of the diamonds they purchase.”
David Block, Sarine Group CEO, said: “We are thrilled by the growing collaboration with Tracr that will accelerate the ability to track diamonds on a large scale with the highest level of reliability while minimizing trade disruptions. This aligns with the G7’s long-term goals of fostering a diversified supply chain.”
