GIA acquires stake in De Beers' blockchain platform Tracr for diamond traceability
The Gemological Institute of America (GIA) will acquire a 30% stake in Tracr, a De Beers-backed blockchain platform for tracing natural diamond origins. The move aims to boost consumer trust and sales amid competition from lab-grown diamonds and falling prices. De Beers announced the agreement on Tuesday, highlighting GIA's confidence in Tracr's ability to scale traceability industry-wide. Lu Qi, associate professor at China University of Geosciences (Beijing), noted that provenance tracking could lift natural diamond sales by recording each diamond's origin, design, cutting, and polishing processes, allowing buyers to trace the entire production journey. She added that traceability may increase the cost of natural diamonds.
Key facts
- GIA will acquire a 30% stake in Tracr.
- Tracr is a De Beers-backed blockchain platform for diamond traceability.
- The natural diamond industry faces competition from lab-grown diamonds and price declines.
- De Beers is the world's largest diamond producer and distributor.
- The agreement was announced on Tuesday.
- Lu Qi is an associate professor at China University of Geosciences (Beijing).
- Tracr records diamond origin, design, cutting, and polishing.
- Traceability may increase the cost of natural diamonds.
Entities
Institutions
- Gemological Institute of America
- Tracr
- De Beers Group
- China University of Geosciences (Beijing)
Locations
- Beijing
- China