Hong Kong-based jewelry retailer Chow Tai Fook Jewellery Group Ltd. said Dec. 19 that it joined the blockchain-powered diamond traceability platform developed by De Beers SA with industry stakeholders.
The platform called Tracr provides information about a diamond's origin to assure customers of its background and authenticity, according to the release.
"Chow Tai Fook's participation will help to ensure that Tracr meets the needs of all types of businesses in a range of different geographies. This is critical to Tracr's objective of establishing traceability, provenance and authenticity for the diamond industry, which consumers and businesses alike have told us is the new standard they are looking for," Jim Duffy, general manager of Tracr, said in a statement.
In September, Chow Tai Fook said it will roll out a similar blockchain-powered service to track the origin of a diamond and measure its quality.