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Tracr and Sarine to Collaborate on Diamond Tracing Solution October 12, 2023 (0 comments)
London, UK--Tracr Limited and Sarine Technologies Limited will collaborate on a “scalable, cost-effective solution” for tracking diamonds from their source to the point of entry into G7 countries.
The solution combines the Tracr platform and Sarine’s Diamond Journey traceability solution. It is designed to speed source verification and traceability of diamonds upon entry to the G7 and other countries through a dedicated digital portal.
Tracr, as a diamond blockchain platform, enables registration of rough diamonds at the source. Meanwhile, Sarine, which spans the diamond pipeline, will apply its skills and capabilities to “deliver a seamless digital ecosystem to enable tracking of diamonds throughout the value chain,” the two companies say.
The collaboration will use Sarine’s ability to perform objective verification of a diamond’s journey from rough to polished, which is uploaded onto the Tracr platform. The digital platform will then host a dedicated customs’ portal to be used by government officials from the G7 and other countries.
The solution is expected to have minimal impact on the supply chain, the two companies claim.
“Diamond provenance assurance is a rapidly growing priority that will affect all parts of the industry, especially with G7 nations set to implement new import restrictions,” said Wes Tucker, Tracr CEO. “The collaboration between Tracr and Sarine will bring together the best of both of our propositions to deliver a highly effective, scalable and cost-effective digital diamond traceability solution which can play a key role within the inclusive framework of the G7 Diamond Protocol facilitated by the World Diamond Council.”
David Block, Sarine Technologies CEO, added: “The collaboration between Tracr and Sarine will enable the diamond value chain to quickly accelerate the volume of diamonds undergoing data based verifiable traceability, which is the need of the hour. The synergy created by a solution that uses Sarine and Tracr’s complementary capabilities was the natural next step for traceability and transparency in the diamond industry.”
Both parties say they will continue to engage with relevant industry bodies and stakeholders regarding the new collaborative proposal and the G7’s approach to implementing import restrictions in support of the G7 Diamond Protocol.