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.