Russia-based Alrosa, the world’s largest diamond producer by volume, has launched a WeChat mini program in partnership with UK-based technology company Everledger to allow consumers and jewelry retailers in China to track diamond sources and ownership.
Why it matters: WeChat operator Tencent has been exploring blockchain applications in a wide range of areas, including supply chain finance, gaming, and invoicing for transportation.
- The latest move applies blockchain technology to online-to-offline retail in the luxury e-commerce market.
“We are delighted to support this WeChat Mini Program with Everledger, as it reinforces our pursuit for guaranteeing the origin of our products. We believe that this collaboration with the most popular social media platform in China will help us to further strengthen our sales there.”
—Pavel Vinikhin, head of diamonds at Alrosa
Details: The new WeChat mini app will allow retailers to track their diamonds including the origins and ownership history stored on the blockchain.
- The Russian diamond producer expects blockchain technology to help track the source of the stones and bring more transparency, often lacking in the diamond supply chain.
- Consumers can check diamond certification via the WeChat mini program and purchase stones in the app using WeChat Pay. Diamond owners can also verify their ownership through the Everledger blockchain platform.
- Alrosa will provide information on their diamonds mined in Russia, allowing consumers to trace the exact origin of each stone.
Context: In September, Tencent led Everledger’s $20 million series A round and, as part of the investment deal, is represented on its board of directors.
- Numerous companies in the diamond industry have adopted blockchain to help to weed out fake and conflict diamonds.