Alrosa, Tencent, Everledger Collaborates On WeChat e-Commerce Pilot
Alrosa, the world’s largest diamond mining firm, has allied with Tencent, the operator of the Chinese social media app ‘WeChat,’ on a new blockchain-based e-commerce project.
According to a Dec 16 press release, collectively with blockchain platform Everledger, Tencent and Alrosa will launch a new diamond-focused retail mini-program targeted at WeChat’s one billion active users.
In a mutual statement, the three firms said the program intends to enhance transparency and customer trust across the diamond supply chain, facilitating social media users to buy diamonds with full knowledge of their origin, ownership history, and characteristics.
The three firms declare that the mini-program can support Chinese jewelry manufacturers and retailers to strengthen trust in their brand and distinguish themselves among a highly competitive market. The trick is that customers have access to an immutable blockchain ledger that correctly displays the history of each diamond.
Alrosa has assured to give full information on their diamonds’ extraction in Russia, thus equipping users with a reliable measure for the “ethical footprint” and sustainability of their purchases.
Alrosa has a long tale of collaborations in the blockchain industry. In May 2018, the firm allied with ‘KGK Diamonds’ and blockchain startup ‘D1 Mint’ to tokenize diamonds. It also entered a pilot of the diamond supply chain of Tracr, collectively with industry giant and then monopoly De Beers.
Such platforms strive to satisfy user concerns regarding both the authenticity and conflict-free status of diamonds, i.e., the diamonds have not been excavated in a war-zone or traded to fund combat illicitly.
De Beers formerly developed Tracr in association with other industry leaders such as Diarough, Diacore, KGK Group, Rosy Blue NV, and Venus Jewel.
Between them, De Beers and Alrosa are expected to produce approximately half of the global supply of diamonds.