Alrosa – top 1 globally diamond mining firm from Russia – has reportedly forged an alliance with Tencent, China-based social media platform WeChat, to work on a new e-commerce project, powered by blockchain.
Specifically, Tencent and Alrosa, along with the support from blockchain platform Everledger, will heavily invest resources in developing a new retail mini-program that concentrates on diamond, with a targeted demographic to be one billion people using the WeChat app.
Stated in a press release on December 16, the alliance revealed that their new project was specifically designed to make the diamond supply chain more transparent, increase the credibility level from customers, along with attracting an increased number of diamond buyers from social media, fully equipped with information about the diamond’s origin, characteristics and ownership history.
Per the 3 companies, the mini-program is a tool with the power to capture more trust from jewelry manufacturers and retailers in China, and help the trio and their brand stand out in the current competitive market.
Buyers will be able to view the exact history of every diamond they bought, via an immutable blockchain ledger.
Alrosa has also promised to make every detail concerning its diamond’s extracting process in Russia available to the public eye, consequently offers buyers a reliable source to check on the sustainability and “ethical footprint” of their purchases.
Last year, Alrosa also teamed up with KGK Diamonds and blockchain firm D1 Mint, to provide tokenization for diamonds.