According to foreign media today, Russia's Alrosa, the world's largest diamond mining company, has partnered with Tencent to launch a new blockchain-based e-commerce project.
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According to a December 16 press release, Tencent and Alrosa will work with blockchain platform Everledger to launch a new mini program for diamond retail for WeChat's 1 billion active users.
The three companies said in a joint statement that the plan aims to increase transparency and consumer trust across the diamond supply chain and enable social media users to purchase diamonds with a full understanding of the source, characteristics and ownership history of the diamond.
Certificate of ethics
The three companies claim that this small program can help Chinese jewellery manufacturers and retailers increase trust and differentiate themselves in their competitive markets. Consumers are enticed to access an immutable blockchain ledger that accurately reflects the history of each diamond.
Alrosa is committed to providing complete information about its diamond mining in Russia, thus providing users with reliable measures to ensure the sustainability and "ethical footprint" of their purchases.
Diamond Industry Chain
As Cointelegraph reports, Alrosa has a long history of cooperation in the blockchain industry. As early as May 2018, the company partnered with KGK Diamonds and blockchain startup D1 Mint to tokenize diamonds. It also joined the diamond supply chain blockchain platform Tracr with the industry giant and former monopolist De Beers.
Such platforms are designed to ease consumer concerns about the authenticity and conflict-free status of diamonds-that is, they are not mined in a war zone or used to illegally fund conflict.
Tracr was originally developed by De Beers in collaboration with other industry leaders such as Diacore, Diarough, KGK Group, Rosy Blue NV and Venus Jewel.
It is estimated that De Beers and Alrosa account for about half of the global diamond supply.