The Antwerp World Diamond Centre (AWDC), representing the largest diamond trade hub worldwide, and diamond mining company De Beers today announced they are discussing a potential collaboration in De Beers’ recently announced blockchain platform.

AWDC CEO Ari Epstein: “We have been exploring many initiatives to further our mission to boost business in the rough and polished diamond trade, as well as manufacturing. In addition to our B2B initiatives in this field, we have closely examined blockchain technology as a potential solution to strengthen compliance as a means to reinforce the banks’ trust into the diamond industry. Last year, we finalized a feasibility study that demonstrated how the blockchain could increase transparency and confidence. In October, we launched a public request for proposal, inviting the blockchain community to submit solutions, specifically targeted at the diamond industry.

The De Beers’ and BCG Digital Ventures’ announcement of a diamond traceability platform underpinned by blockchain technology is an opportunity to assess and jointly define an inclusive solution, through an open platform that can work for and be used by the entire industry.”

The potential of the De Beers platform is unique in its approach to industry inclusivity, as it proposes to offer all companies in our business a unique possibility to demonstrate transparency in an irrefutable way. The technology, according to De Beers, guarantees privacy, putting the owner of the data in control of it, and its outcome is a tamper-proof and permanent record of interactions.

AWDC is committed to increasing transparency related to invoices, transactions and shipments. This underpins bankability, and creates stronger opportunities for new financial institutions to the diamond industry.