GIA Buys 30% Stake in Tracr

(IDEX Online) - GIA is to buy a 30% share of Tracr, the blockchain-based traceability platform developed by De Beers.

The deal, for an undisclosed sum, is likely designed to expand Tracr's reach beyond De Beers stones so it can evolve across the industry.

For GIA it reinforces trust in an increasingly fragmented market and sets it apart from other labs.

GIA's investment builds on a 2023 initiative to include Tracr provenance on its grading reports

De Beers has been developing Tracr since 2018 and says more than five million rough diamonds have been registered on the platform at source, representing around two‑thirds of its rough diamond production by value.

Last March Tracr announced a collaboration with Sarine in what was described as a "step change in traceability and provenance assurance".

On Friday (29 May), Tracr and GIA (Gemological Institute of America) jointly announced "a definitive agreement for GIA to acquire a 30 per cent shareholding in Tracr".

Al Cook, CEO of De Beers Group, said: "Following our promise to open Tracr up to broad ownership, we are proud to be partnering with GIA as Tracr evolves into an independent, industry-wide platform. We will work alongside GIA to advance provenance transparency for the entire diamond sector."

Pritesh Patel, president and CEO of GIA, said: "As Tracr continues to scale globally, we see a tremendous opportunity to deliver meaningful, verifiable provenance information from the source to the consumer."

Pic courtesy Tracr.