The world'due south largest diamond mining firm, Russian federation'due south Alrosa, has partnered with Tencent, the operator of Chinese social media app WeChat, on a new blockchain-based e-commerce project.

Together with blockchain platform Everledger, Tencent and Alrosa will launch a new diamond-focused retail mini-programme targeted at WeChat's one billion active users, according to a December. 16 printing release.

In a joint argument, the three firms said the program aims to improve transparency and consumer trust beyond the diamond supply chain, enabling social media users to purchase diamonds with full cognition of their origin, characteristics and ownership history.

Upstanding credentials

The three firms claim that the mini-programme can help Chinese jewelry manufacturers and retailers to increase trust in their brand and differentiate themselves among a highly competitive market. The lure is that consumers accept access to an immutable blockchain ledger that accurately reflects the history of each diamond.

Alrosa has pledged to provide full information on their diamonds' extraction in Russian federation, thus providing users with a reliable measure for the sustainability and "upstanding footprint" of their purchases.

Diamond concatenation

Every bit Cointelegraph has reported, Alrosa has a long history of collaborations in the blockchain industry. Back in May 2022, the firm partnered with KGK Diamonds and blockchain startup D1 Mint to tokenize diamonds. Information technology likewise joined a pilot of the diamond supply chain blockchain platform Tracr, together with manufacture giant and quondam monopoly De Beers.

Such platforms aim to assuage consumer concerns in regard to both the actuality and conflict-free status of diamonds — i.e. that the stones take non been mined in a war-zone, or traded to illicitly fund combat.

Tracr was originally adult by De Beers in conjunction with other industry leaders such equally Diacore, Diarough, KGK Grouping, Rosy Blueish NV and Venus Jewel.

Betwixt them, De Beers and Alrosa are estimated to produce roughly half of the global supply of diamonds.