Diamond Blockchain Initiative: Assurance Through Technology

Diamonds hold enduring value and represent some of life’s most meaningful moments,
which is why it’s essential to be able to provide assurance that a diamond is natural and conflict-free.

De Beers Group, in collaboration with technology and industry leaders,
is developing the first diamond blockchain to span the entire value chain.

This single, tamper-proof digital diamond ledger will underpin confidence in diamonds
and create a permanent record for each registered diamond that is as everlasting as the diamond itself.

Blockchain technology has potential benefits for the entire diamond industry. The more users that participate in the platform throughout the value chain, the more effective it will be and the more trust we can build together in diamonds.

Blockchain Technology and its role in this initiative

Blockchain is a highly secure, proven technology
that records data in a tamper-proof digital ledger that can never be erased.

Blockchain technology is used in a number of different industries and for a range of different applications. The diamond blockchain initiative is being developed to provide a single, immutable record for every diamond that is registered on the platform – thereby providing consumers with further and irrefutable assurance about their diamond purchase.

Each event or interaction registered on the chain becomes a ‘block’ that represents unique information, data or characteristics about a diamond as it passes through the value chain. Each block must be verified by the blockchain community before it can be added to the blockchain. The blockchain continues to grow with each new block that is registered. When ‘chained’ together, these blocks will construct a complete digital record for each diamond.

This blockchain is unique from a privacy perspective because it leverages the latest technology that means an event registered on the chain is visible to all users, while ensuring that certain commercially-sensitive information, such as price, is only visible to the users involved in the interaction.

Through this platform, consumers will have confidence that all diamonds registered on the platform are conflict-free, lenders to the industry will have confidence in their customers’ businesses, industry participants will have confidence in their dealings with one another, and everyone will have confidence that their diamond is the real thing.

Diamond blockchain initiative: The Benefits

Diamond

Permanent

Once a diamond has been added to the chain, it will become part of a permanent digital ledger that can never be altered.

Rosette

Assured

Provides complete assurance of a diamond’s attributes and that it is natural and conflict-free.

Padlock

Secure

Proven highly secure, tamper-resistant technology where confidential information is protected.

Spanner

Efficient

Will enhance efficiencies in the supply chain through streamlined processes and reduction in manual handling.

Trust shield

Trusted

Will facilitate accountability across the value chain and establish an immutable record of activity.

Web

Inclusive

Designed for everyone in the industry to participate in and benefit from.

Latest News

Documents

Press release Read our announcement on the pilot phase

Hand with ring on finger

Blog post Expectations changing | Changing expectations: Diamond blockchain initiative

Industry Views on the Diamond Blockchain Initiative

FAQs

We appreciate this initiative is likely to prompt questions. This section covers some of the more common questions on this new technology.

Blockchain technology has the potential to be a game-changer for the diamond industry by enabling data on diamonds to be recorded in a way that was not previously possible. By creating a tamper-proof, permanent digital record for every diamond registered on the platform, it will streamline existing manual processes, create new efficiencies in the value chain and provide consumers with further assurance that their diamond is natural and conflict-free.

The more users that participate in the blockchain platform, the more effective it will be and the more value it will create.

It is hoped that this initiative will deliver significant benefits for all participants in the diamond value chain and, while being led by De Beers, the platform will be developed through close engagement with industry stakeholders to help ensure the needs of all users are considered. Ultimately, it will be an open system that industry members can participate in and will be governed by an independent foundation that represents the interests of all users.

This blockchain has the potential to be hugely significant for the industry in addressing some of the key opportunities and challenges throughout the supply chain.

Key benefits include:

  • Providing consumers with further assurance that their diamond is natural and conflict-free.
  • Providing lenders to the industry with increased confidence in their customers’ businesses through enhanced visibility of the diamond and the business.
  • Streamlining a number of processes throughout the value chain, such as in the areas of compliance and diamond identification, ultimately reducing the cost of doing business for many participants.
  • Protecting confidential data by using new technology that allows the system to verify activity on the chain and register that an event occurred, while ensuring certain details of the event (such as price) remain confidential to the relevant parties.

Blockchain was chosen because of its security features. It is a proven technology platform that has been used for a number of years across a variety of industries. The technology that underpins this blockchain is incredibly secure and all data that is added to the chain must be verified by others.

We are very confident in the security of the blockchain and wouldn’t consider putting our own data on it if we weren’t.

As this solution is being designed for all industry participants, it is critical that industry stakeholders are involved in its development.

We are already engaging with a number of industry representatives and we look forward to continuing to expand this engagement as we further progress this solution.

To date, engagement has included working with a small number of stakeholders on a pilot to trial the solution and identify key learnings and opportunities for enhancement, as well as providing a number of briefings to industry participants.

In addition, anyone who is interested in being kept up to date on this solution can sign up to receive email updates through this website.

Absolutely not. It is completely up to an industry participant whether they choose to use the blockchain. We recognise this is a new technology and that it will take time for industry participants to understand it and assess the benefits to their businesses.

Our sincere hope is that this technology is embraced widely, as it will offer significant benefits for all users and will be more effective the more people that participate.

We know this is a key consideration and that users must feel confident their confidential data will be protected.

This blockchain is unique from a privacy perspective because it utilises the latest technology that means an event registered on the chain is visible to all users, while ensuring certain confidential information, such as price, remains private between participants.

We are very confident in the security of the blockchain and wouldn’t consider putting our own data on it if we weren’t.

The pilot involves a small number of stakeholders from across the value chain to identify key learnings and opportunities for enhancement in advance of an anticipated full launch later this year. The pilot will also assess how the platform can be integrated with the industry’s existing systems and processes.

Following the completion of the pilot, we expect to launch the platform to all industry participants later this year. We will continue to keep the industry updated as we progress through this process.

No one user or organisation will own the blockchain. Ultimately, it will be an open system with an independent governance structure that represents the interests of all participants. The details of the longer term governance structure are yet to be agreed and will be one of the points of discussion in our ongoing engagements with industry representatives.

Our focus is on designing a system that gives consumers assurance that their diamond is conflict-free and natural, and provides them with the information they need to make an informed decision about their purchase. One of the areas we’ll be looking at during the pilot is what information consumers want to know in order to have this assurance and how that information could be presented at the retail level.

No. Blockchain is purely the technology platform on which various use applications can be built. While Bitcoin is also underpinned by blockchain technology, it is a platform that facilitates financial transactions, whereas the diamond blockchain will be a platform that records details about a diamond at various stages throughout the value chain.

We encourage you to learn more about the opportunities this new technology will provide by looking through the information on this website, as well as signing-up for e-mail bulletins (in the Stay Informed section below), through which we’ll share more information about our progress in the months ahead.

Stay Informed

Please register for updates on this initiative by submitting your details. We encourage you to share your insights and comments.