De Beers Recruits Tech CEO to Head Blockchain

London—To lead the next phase of its diamond blockchain platform’s development, De Beers has tapped a tech executive from outside the jewelry and diamond mining industries.

Jim Duffy is the new general manager of Tracr. His most recent role was as CEO of Logical Glue, an artificial intelligence (AI) platform for financial businesses. Before that, he was the global director of information strategy at software company MongoDB.

He’ll work on scaling Tracr, which De Beers says has registered $100 million in rough diamonds since the pilot launched in January.

Beyond developing the platform and leading operations, Duffy will oversee the commercial aspect of Tracr, creating a market strategy and engaging with stakeholders.

“Practical application of blockchain technology outside of cryptocurrencies is no longer a thing of the future and is rapidly attracting best-in-class tech and corporate resources globally,” Duffy told National Jeweler. “This approach is especially potent in establishing trust for supply chains because of its benefits in assuring provenance and traceability of products.”

He added, “Joining Tracr was a perfect fit for me. It is a unique opportunity to lead the first end-to-end blockchain platform that is purpose-built for the diamond industry from mine to merchant. Tracr is designed to directly address the industry’s concerns and will offer a wide range of benefits that will have positive implications for the end consumer.”

Duffy said over the next few months, Tracr will focus on bringing new partners into the pilot program. Currently, Signet Jewelers and five global diamond manufacturers are participating.

Neil Ventura, executive vice president of strategy and innovation at De Beers Group, said Duffy’s skills and experience are the perfect fit for what De Beers wants to do with Tracr—create a unique digital platform that will enhance long-term sustainability and deliver a range of benefits for the entire industry. 

“Jim brings extensive corporate and technology start-up experience that will be crucial to the continued development of Tracr, including successful scaling of technology-driven businesses across a number of sectors.”