Aura Blockchain Consortium partners with Sarine for diamond traceability.

The blockchain consortium co-founded by LVMH, Prada Group, Cartier and OTB Group is getting closer to Sarine Technologies Ltd.

A new standard for diamond traceability.

Faced with the new challenges posed by the traceability and certification of raw materials, processes and finished products, several luxury houses and groups announced last year their alliance around a common blockchain project, Aura.

While the consortium confirmed last November that it would combine its technology and services with data and insights from Bain & Company, the organization, based in Switzerland, is now indicating that it is integrating the Sarine Diamond JourneyTM solution and its associated data.

Developed by Sarine Technologies Ltd, the latter aims to ensure the complete traceability of diamonds throughout the supply chain, guaranteeing in particular the notion of authenticity and the adoption of responsible practices. “Sarine’s traceability solution relies on data independently and automatically generated by its IOT-enabled systems, and used by many producers and polishers in the industry, and therefore does not rely on declarative data not verifiable” says Sarine in a press release.

“This solution will make it possible to establish total transparency on the supply history of a product, as well as a verifiable authentication of all documentation related to this same product. Two elements which are key in the maintenance of relations and trust between brands and their customers over the long term, especially in the current context characterized by a rapid evolution of trade” says Daniela Ott, General Secretary of Aura Blockchain Consortium.

A strategic initiative as the sector asserts itself as one of the most promising in the luxury industry. Last year, jewelry recorded growth of +24% worldwide, largely stimulated by the surge in online sales during the health crisis.

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