The Walloon government will invest over 250,000 euros in the Belgian start-up iTraceiT, the creator of a digital diamond passport. With this extra capital, iTraceiT is betting on global expansion via the United States and India, the two main diamond hubs after Antwerp.
iTraceiT launched a diamond passport using blockchain and QR code technology in March, aiming to bring transparency to the origin of diamonds. According to the start-up, the past few months have shown that the passport is a "game changer" in the industry. It said that grants from the Wallonia Innovation and Growth (W.IN.G) investment fund will allow iTraceiT to maintain its lead in the gemstone industry.
"The company is poised to grow further in Europe and expand globally to the United States and India"
"Luxury brands in the diamond and jewellery industry want to be able to prove the origin and full life cycle of their diamonds in watches, rings and necklaces with an objective report by 2025," said CEO Frederik Degryse. "So we have about 1.5 years to give the whole sector this traceability."
The software company, which has offices in Antwerp, said it had doubled its customer base since March, and its turnover is approaching half a million euros. "The company is poised to grow further in Europe and expand globally to the United States and India, the two most important diamond centres in the world after Antwerp," it said in a press release.
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