Editor’s Note
This article highlights the expansion of Belgian startup iTraceiT from diamond traceability into the broader luxury goods market, leveraging its expertise to address a growing demand for product authentication.
The startup iTraceiT, originally from Hennuyères in Hainaut, has become the champion of high-value product traceability. Having previously tackled diamonds, it is now turning its attention to luxury items.
recently stated Frederik Degryse, the company’s CEO, who has since also established operations in Antwerp. Unsurprisingly, the Flemish metropolis, a global diamond hub, has become a key location for the young Belgian company. Two years ago, iTraceiT created the world’s first digital passport for diamonds.
continues Mr. Degryse, who is originally from Antwerp.
iTraceiT’s technology is notably used by many diamond dealers to comply with the Western embargo on Russian precious stones.
emphasizes Guy De Smet, technical director of the Belgian gem.
Bolstered by this success, the company has decided to expand its market to luxury goods, using the same type of technology that notably employs blockchain. In practice, luxury brands can add a unique QR code to their product components, allowing them to trace their products’ history. This passport is updated at each production stage by adding various information.
the company elaborates.
Not only can the passport contain information related to the production process, but it can also provide details about the working conditions of the artisans behind the product.
continues Mr. Degryse.
This traceability meets a growing demand: more and more consumers want transparency about the products they buy, particularly regarding ethics and sustainability. The trend is even more pronounced for luxury products. Europe will, moreover,
impose
in this area for manufacturers.
A royal road therefore seems to be opening for iTraceiT, which has just completed a €1.5 million funding round from private and public investors, such as Wallonie Entreprendre, the Walloon public capital investment company.
The goal? To deploy this new technology in Europe, the United States, and the Middle East.
analyzes Frederik Degryse.
The startup asserts that its technology is applicable to many raw materials, like gold.
elaborates the CEO. One can also imagine the utility of this traceability for customs services, in the era of the trade war launched by former US President Donald Trump.
In short, the young Belgian company is set to grow very quickly.
announces Guy De Smet. iTraceiT is currently recruiting about ten people.
insists the technical director.