High Jewelry wants to ensure transparency and ethics with Blockchain
IBM provides a blockchain to a consortium in the high jewelry sector to ensure the traceability of gold and diamond engagement rings. On his side, the diamond dealer De Beers also tests the blockchain to keep a register of the diamonds he extracts.
Several projects use blockchain to explore the traceability and authenticity of the luxury jewelry supply chain. A consortium of companies active in high jewelry has just announced the TrustChain initiative, based on an IBM blockchain solution. The consortium includes Asahi Refining (precious metals refiner), Helzberg Diamonds (jewelry retailer in the US), LeachGarner (precious metals supplier), The Richline Group (global jewelry manufacturer), and UL (independent third-party verification).
TrustChain already allows the traceability of six styles of engagement rings in gold and diamond on the blockchain network, ensures the IBM press release. The blockchain documents the supply steps to prove to consumers that the product is of the expected quality and also meets ethical, social and environmental responsibility requirements. IBM explains that quality and authenticity tracking thus covers, on a single digital platform, the entire ecosystem: miners, manufacturers, wholesale suppliers and retailers.
A register for each diamond extracted by De Beers
Like the TrustChain initiative, one of the world’s largest diamond producers operates the blockchain to meet customers’ demand for ethics and transparency. It is the South African diamond conglomerate De Beers which, in January, unveiled a blockchain development project covering the diamond trade value chain. The objective is to store on the platform a unique, inviolable and permanent identifier for each diamond, we read in the De Beers press release. Which states: “The initiative will strengthen confidence in diamonds and across the diamond industry, ensuring that all registered diamonds are conflict free and natural while improving efficiency throughout the sector.
The diamond conglomerate does not say with which technology partners it is developing the platform. After a proof-of-concept, the project is in a pilot phase. De Beers says it is working with a small number of industry representatives to test the solution, which is expected to be deployed in production by the end of the year.