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De Beers investing in blockchain-based platform to trace diamonds

Anglo American Plc unit De Beers SA is investing in a blockchain-based platform that will enable enhanced tracking of its gems, the Financial Times reported Dec. 4.

The platform will have the capability to trace diamonds' routes through the value chain, from the mine to the consumer, De Beers CEO Bruce Cleaver said.

"Consumers should be able to know there is an accurate register of a diamond's journey that provides assurance of its provenance and authenticity," Cleaver added.

According to the company, the blockchain platform will create a more secure register of each transaction.

It will be an open platform for the diamond industry, allowing for the continual development of the application, the diamond miner noted.