Alrosa is the largest diamond producer in Russia. Some of its daily undertakings include exploration, manufacture and the sale of the metal. The group today disclosed its plan to collaborate with De Beers. The two seek to test a blockchain platform and its capabilities in the tracking a wide array of assets.

Current state of affairs

It goes without saying that the two are definitely the two biggest diamond producers around the globe at the moment. Market observers in a joint statement applauded Alrosa for its decision to enter the Tracr pilot program.

De Beers has spent quite a great deal of its time trailing the program. It seeks to in the long run establish its capacity when it comes to tracking the various precious stones. The producer starts its activities from the point of initial production and all the way to the ultimate retail destination.

Experts say the system focuses on assisting the various trade participants and customers globally. It is a system that might make it easy for them to easily track and establish the authenticity of the diamond.

A close outlook

Analysts applaud the ongoing efforts saying they favor consumers a huge deal. To them, the move will help boost the confidence of consumers on the products they lay their hands on. What matters to quite a significant number is obtaining products that are conflict free and natural as well.

Sergey Ivanov, the current CEO of Alrosa says that the market needs more advanced changes. According to the official, issues to do with traceability deserve high levels of seriousness.

Ivanov further lays emphasis on putting in more work to ensure consumers enjoy products in the best way possible. It is up to them to fill the information gaps and says he will push for that.

In the past, people grappled with doubts in line with the linked ethical matters. The business hopes to succeed on its quest to make the market a safe and better place.

In its latest statement, Alrosa outlined that it was glad to join the testing Tracr and promises to be co-operative.