WeChat Adds Diamond Purchase Traceability Feature
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Tencent partnered with Russian diamond miner ALROSA Group to offer an in-app blockchain-based feature that provides traceability for diamond purchases made through WeChat.
WeChat adds a new capability for affluent users to access transparent information about the «origin, characteristics and ownership history» of diamonds purchased through the platform.
In addition to ALROSA – which accounts for nearly one-third of global rough diamond production – UK-based tech firm Everledger was also part of the partnership, likely to power the blockchain technology the new feature leverages.
Chinese diamond demand grew five percent to reach approximately $10 billion, according to De Beers’ Diamond Insight Report 2019. As a comparison, the U.S. market is currently at $36 billion.
Questions & Answers
Q.Which companies are involved in this new diamond traceability feature on WeChat?
Which companies are involved in this new diamond traceability feature on WeChat?
Tencent partnered with Russian diamond miner ALROSA Group and UK-based tech firm Everledger for the new in-app blockchain feature. ALROSA accounts for nearly one-third of global rough diamond production, and Everledger likely provides the blockchain technology.
Q.What kind of information does this new WeChat feature provide to diamond purchasers?
What kind of information does this new WeChat feature provide to diamond purchasers?
The new capability allows affluent WeChat users to access transparent information regarding the origin, characteristics, and ownership history of diamonds they purchase through the platform. This aims to increase transparency for high-value transactions.
Q.How large is the diamond market in China compared to the United States?
How large is the diamond market in China compared to the United States?
According to De Beers’ Diamond Insight Report 2019, Chinese diamond demand grew to approximately $10 billion. In comparison, the diamond market in the United States is currently valued at $36 billion.
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