iTraceiT, a Belgian start-up with offices in Antwerp and Braine-le-Comte, has created a program to track diamonds from the mine to the jeweller – an industry first.
There is increasing demand for transparent sourcing in the diamond industry, with demands for ethical and environmentally-friendly practices. This has grown since the Ukraine conflict and calls for a boycott of diamonds from Russia.
Boycotting is only possible as a citizen, as politicians are reluctant to intervene in the sector. However, advances in technology, such as blockchain and QR codes, have enabled iTraceiT to develop the world’s first comprehensive diamond passport, which can track a diamond’s journey “regardless of its source, size, value and condition (raw or cut)”.
The system could also flag diamonds from “suspect” countries in terms of organised crime, although technical director Guy De Smet said that it wasn’t iTraceiT’s role to orchestrate this. The police may use the passport to detect suspicious elements.
Antwerp’s diamond sector has previously come under scrutiny for HRD Antwerp, which is 100% owned by AWDC, the Antwerp World Diamond Centre. Investigators have explored whether the issuing of HRD labs certificates has led to the overvaluation of diamonds. iTraceiT’s CEO, Frederik Degryse, said that the company’s software would enable evidence such as photos, invoices and certificates to be compiled simply.