One of the world's largest diamond mining companies, Alrosa based in Russia has announced a partnership with Tencent, the company in charge of the operation of the WeChat social media app. In collaboration with Everledger, one of the leading blockchain service companies, Tencent and Alrosa will launch a diamond focused retail program that is targeted at the 1 billion users of the WeChat platform.
According to a statement released by these three firms, this partnership is aimed at improving transparency as well as customer trust across the diamond supply chain industry. It will enable social media users to acquire diamonds with full information of the origin of the diamond, the ownership history, as well as the characteristics. These three leading firms further revealed that this partnership has been designed to help several Chinese jewellery manufacturers as well as retailers not just to increase trust in their brand but also differentiate themselves amid a very competitive market. The aim is that consumers will have access to the immutable blockchain technology that accurately reflects the precise history of each of these diamonds, as previously reported on the Dragon Blog, in many respects, China already leads the way in the provision of luxury goods.
Dragon co-founder, Paul Moynan said, ‘with these powerhouses of commerce, industry and Blockchain coming together we are yet again seeing proof that Blockchain innovation can be used in the luxury goods market. With Alrosa producing almost a third of the worlds rough diamonds and part of their strategy to use Chinese jewellery manufacturers, this partnership will prove to be a strong economic driver, fusing traditional business with Blockchain innovation.’
Keen to demonstrate the environmentally friendly practices they follow, diamond mining firm, Alrosa has pledged to offer or provide the necessary information on how they extract diamond in Russia, in the process offering users a measure for the ethical footprint and sustainability of their purchase. According to reports, Alrosa have been involved in a number of partnerships with various blockchain service companies. For example, back in 2018, it partnered with a blockchain start-up to tokenize its diamonds.
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