Since the Blood Diamonds movie of 2006, shoppers of the precious stone have increasingly been aware of the attendant moral issues. There came a popular clamour to track diamonds and tell their origins to end consumers. The underlying principle was to stop human rights violations during the mining and supplying of diamonds. Now a diamond-tracking blockchain solution is available to facilitate better monitoring.
Collaborative effort
According to the South China Morning Post (SCMP), the solution is a product of collaborative effort. Chow Tai Fook Jewellery Group and the Gemological Institute of America (GIA), came together to initiate the program. Per the SCMP report, the Hong Kong based jeweler will see its stones “graded for customers” by the GIA.
The collaboration further incorporates Everledger. This is a blockchain startup that runs on the secure and decentralized IBM Blockchain Platform. The startup is the actual architect of the diamond-tracking blockchain solution. Essentially, the blockchain solution connects diamond suppliers and intermediaries to keep track of the stones. In addition to Chow Tai Fook, other retailers around the globe are using the platform to guarantee safety of supplies.
The T Mark
These efforts won the startup’s founder and CEO Leanne Kemp a global leadership award in Australia. The occasion, made possible the Advance Awards, received over 100 nominations from all fields and disciplines.
Using blockchain will enable diamond buyers to understand the path the stones follow from mine to jeweler. In the case of Chow Tai Fook, the technology will utilize the T Mark developed last year. Per the SCMP, the mark “assigns serial numbers to the stones” which store transactional information of diamonds along supply chain. This property enables the authentication of the stones wherever they may be.
Diamond-tracking blockchain solution to enhance convenience
Customers will be able to verify the origin and relevant information of the diamonds using their phones. The T Mark app is available on application stores and utilizes a bar code reader to retrieve information. According to the publication, there are already 3000 T Mark diamonds in circulation. This is against a 10,000 T Mark stone target.
The retailer’s managing director is upbeat that the solution will go a long way in helping combat diamonds’ bad press. In his words, Kent Wong says:
“Not only does this initiative make it easier for consumers to manage their assets conveniently and efficiently, it is a long-term and invaluable investment that enriches consumers’ knowledge of their diamonds.”