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Blockchain Technology

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Goal 12: Responsible Consumption & Production

The world continues to use natural resources unsustainably and rising fossil fuel subsidies are contributing to the climate crisis. Goal 12 hopes to achieve sustainable consumption and production patterns (United Nations, 2015). From a consumer perspective, the UN encourages customers to make informed and sustainable purchases where possible. When purchasing a diamond, blockchain technology can help create an environment where there is visibility, traceability and transparency for customer purchase satisfaction. In a survey, all respondents believed companies should be transparent in the sourcing of their diamonds.

(United Nations, 2015)

As a solution to concretely source ethical natural and lab-grown diamonds, there are several ways to track diamonds from mine to market to promote positive change including “certification programs, laser inscriptions, and radio-frequency identification (RFID) tags” (Desai, 2023). With the introduction of Web3 and promising new advancements such as blockchain technology, this allows for “enhanced supply chain visibility in an industry prone to unethical sourcing” (Deloitte, 2023).

De Beers: Tracr

Due to historically violent methods of acquiring natural diamonds, there is a level of importance for consumers having the ability to confidently trace their products and certify them as ethical. De Beers have since introduced assurance at scale through Tracr - “a blockchain based tracking system” (Deloitte, 2023).


Tracr allows customers to explore “provenance, authenticity and the unique journey your diamond has taken along the diamond value chain” through a diamonds TracrID; ensuring compliance to the best practices (Tracer, n.d.). It does this through the Internet of Things (IoT), Artificial Intelligence (AI) and blockchain technology. The platform allows for documentation from the source, hosting grading certifications and inscription reports too (Tracr, n.d.).

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From a consumer perspective, this builds trust in a company which leads to brand loyalty. Despite security and privacy concerns, blockchain technology shows potential not only for customer peace of mind, but also to the business. The technology allows for reliable transaction data in the complex ecosystem that is the supply chain, as well as allowing the company to “proactively detect and mitigate supply chain risks before any severe impact occurs” (Deloitte, 2023).

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(Tracr, n.d.)

(Tracr, n.d.)

Do you believe companies should be transparent regarding the sourcing of their diamonds?

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Pro’s

  • Reduces the risk of conflict diamonds entering the supply chain.

  • Gives the ability for consumers to see exactly where their diamonds have been mined, cut, polished and more; ensuring compliance of best practices.

  • Trustworthy, secure and tamper-proof technology which helps build brand loyalty if they are an ethical company.

  • Identify any potential supply chain risks before they occur.

  • If implemented to a business model, the company brand identity is seen as forward-thinking and innovative. 

  • Proof of ownership and sourcing for customers at scale which provides confidence of a diamonds origin.

Con’s

  • Data privacy concerns which could cause the typically traditional industry from getting involved with innovative technology.

  • If a company is unethical sourcing their diamonds, this means a loss of business and potential negative press.

  • Data modification is difficult.

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