CTF joins blockchain traceability
Tracr,
the end-to-end blockchain
Traceability
developed by De Beers
Tracr,
the end-to-end diamond industry blockchain traceability platform being developed
by De Beers Group in collaboration with key industry stakeholders, announced
that Chow Tai Fook Jewellery Group (CTF) has joined the platform’s pilot
programme.
Chow
Tai Fook joins a range of other leading businesses from across the diamond value
chain in piloting the next generation asset-tracking platform powered by
blockchain and artificial intelligence. Chow Tai Fook will work with Tracr to
support the objective of continuing to enhance consumer assurance over a
diamond’s traceability, provenance and authenticity.
Chow
Tai Fook’s participation will further extend the platform’s reach into the
Asian diamond sector, in particular in Greater China. This will help accelerate
Tracr’s ability to fulfil its mission of working with the industry to build a
digital ledger that spans the entire diamond pipeline, helping to ensure the
platform made by the diamond industry meets the needs of all industry
participants.
Bruce
Cleaver, CEO, De Beers Group, said: “Chow Tai Fook is one of the world’s leading
diamond jewellery retailers, with great experience and expertise in the Asian
retail sector. ]
Chow Tai Fook’s focus on providing their customers with full
confidence about their purchases makes them an ideal participant as we continue
to develop the Tracr pilot, and we are delighted to welcome them on board.”
Kent
Wong, Managing Director, Chow Tai Fook Jewellery Group, said:
"Authenticity, provenance and traceability are increasingly important in
the jewellery sector, particularly for consumers who pursue to know the
jewellery they purchase supports their values and expectations.
We
are thrilled to join the pilot led by De Beers Group and are committed to
continuing to be a leader in uplifting consumer experience and confidence. We
believe that our participation in Tracr will help ensure we are at the
forefront of this important issue."
Jim
Duffy, General Manager-Tracr, said: “We’re very excited to have Chow Tai Fook
on board and it’s encouraging to see they recognise the transformative
potential of Tracr as we work to help increase trust throughout the diamond
industry.
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.”
Tracr is focused on
providing consumers with confidence that registered diamonds are natural and
conflict-free, improving visibility and trust within the industry and enhancing
efficiencies across the diamond value chain. In addition, Tracr will work to
complement and support the diamond industry’s existing initiatives and
regulations to ensure consumer confidence in diamonds.
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