Russia’s Alrosa, the world’s largest diamond mining enterprise, is collaborating with Tencent, which runs Chinese social media app WeChat, on a fresh blockchain powered e-commerce venture.
Along with blockchain platform Everledger, Tencent and Alrosa will unveil a new diamond specific retail mini program aimed at one billion active users of WeChat.
Through a joint statement, the three companies stated that the program intends to enhance transparency and consumer faith throughout the diamond supply chain, facilitating social media utilizers to buy diamonds with complete knowledge of their characteristics, origin and background.
The three firms assert that the mini-program can assist Chinese jewelry manufacturers and retailers to boost confidence in their brand and segregate themselves in the middle of tough market conditions.
The attraction is that customers have access to an unalterable blockchain ledger that perfectly mirrors the history of each diamond.
Alrosa has guaranteed to offer full data on diamond mining operations in Russia, thereby offering users with a dependable evaluation for the continuality and “ethical footprint” of their buying.
Alrosa has a documented record of partnerships in the blockchain sector.
Last May, the company collaborated with KGK Diamonds and blockchain firm D1 Mint to tokenize diamonds. The company also participated in a trial of Tracr, the diamond logistics tracking platform based on blockchain, along with industry leader and earlier market dominion De Beers.
Platforms of similar nature intend to solve consumer worries with respect to both the originality and war-free status of diamonds, implying that the stones been mined in battle free zone and not changed hands illegally to finance war of any nature.
Tracr was initially built by De Beers in partnership with other diamond industry leaders such as Diarough, KGK Group, Diacore, Venus Jewel and Rosy Blue NV.
Among them, De Beers and Alrosa are assessed to mine almost 50% of the global diamond supply.
