Hong Kong-based Chow Tai Fook Jewellery Group, which has a large retail footprint in Hong Kong, Macau and mainland China, has joined De Beers’ Tracr blockchain traceability platform’s pilot program.
Chow Tai Fook joins a range of other leading businesses from across the diamond value chain in piloting the Tracr asset-tracking platform powered by blockchain and artificial intelligence. De Beers said in a press release that 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, the press release added.
De Beers CEO Bruce Cleaver 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.”
Chow Tai Fook Jewellery Group Managing Director Kent Wong 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."
Tracr General Manager Jim Duffy 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.”
He added, “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.”