The diamond market in China has seen fast growth in recent years, mirroring the growth of China's middle class. Photo: VCG

Chinese internet giant Tencent has teamed up with Russia-based diamond miner ALROSA Group to offer a blockchain-based in-app feature that provides full traceability for WeChat users' diamond purchases. 

The service, an e-commerce solution to be offered by jewelry manufacturers and retailers via Tencent's popular WeChat messaging and social media platform, will make the origin, characteristics and ownership history completely transparent to consumers.

Chinese demand for diamonds saw a robust growth in 2018, up 5 percent in US dollar terms annually to about $10 billion, according to the Diamond Insight Report 2019 released by the global diamond mining company De Beers early in November. Its growth potential is more enticing, compared with the US' $36 billion diamond market.

ALROSA Group is the world's largest diamond miner, accounting for almost a third of global rough diamond production.

Another company, a UK-based blockchain technology firm Everledger, was also involved in the partnership.