The diamond industry is working on blockchain-based solutions to combat the growing problem of fake and unethically-sourced diamonds in a bid to improve transparency and confidence in the sector. In an interview with CoinDesk, CEO of De Beers Global Marketing David de Rothschild said that while he believes there are many ways for consumers to verify diamonds, they can do so through their smartphones. Opsydia has sold its laser devices to De Beers, which has developed the Tracr platform to track diamonds. Other blockchain-based initiatives in the industry include Rare Carat, which uses algorithms to predict the price of a diamond.
The diamond industry is working on blockchain-based solutions to combat the growing problem of fake and unethically-sourced diamonds in a bid to improve transparency and confidence in the sector. Oxford University spin-out Opsydia has developed a method for lasering tamper-proof tiny security codes underneath the surface of a diamond, which can be used to authenticate and track diamonds. Opsydia has sold its laser devices to De Beers, which has developed the Tracr platform to track diamonds. Other blockchain-based initiatives in the industry include Rare Carat, which uses algorithms to predict the price of a diamond.