Antwerp, Belgium, April 6, 2022: iTraceiT, the Belgium-based innovative technology and service provider that developed a comprehensive, blockchain-based application for tracing diamonds, gemstones, and jewelry, has begun distribution after completing prolonged beta testing with some of the largest firms in the global diamond industry.
The iTraceiT application creates a unique, blockchain-supported QR code that records, stores, and reports all processes performed on diamonds and gemstones, keeping track of every action taken throughout the production process, i.e., from the rough to the finished piece of jewelry.
“With iTraceiT, users can create and integrate a comprehensive, digital chain of reference for all their products. We’re confident that our application’s affordability, seamless integration into a company’s workflow, and ease of use will appeal to all, especially those hesitant about adopting a blockchain-based tool into their business management models. During our beta testing, the integration of the iTraceiT application into a company’s production process and business model proved easy and efficient,” iTraceiT CEO Frederik Degryse reported.
Degryse emphasized that by integrating the iTraceiT application into their production and marketing processes, users comply with the strict demands of ethical and economic compliance, transparency, and traceability in the current market. “Governments, banks and financial institutions, trade organizations and NGO’s, wholesale and retail clients, and last but not least, the end consumers, all demand that the provenance of diamonds and gemstones is crystal clear and clean. By integrating the iTraceiT application into their business models, industry operators at all levels of the supply pipeline are guaranteed peace of mind!” Degryse declared.
Degryse noted that the pandemic and recent global events have made digital innovation, traceability and transparency indispensable in the diamond industry. “The digital revolution has transformed the diamond, gem, and jewelry industry and trade. The increase in the availability of data, the degree of connectivity, and the speed at which we need to take decisions have driven us all to adopt digital methods and tools that enable us to run our diamond and jewelry businesses successfully and profitably in this new reality. With the introduction of the iTraceiT application into your production process, this transition will become much easier!”