First gemstones with physical tracers and digital tracker are entering the market two Provenance Proof technologies combined for more transparency

First gemstones with physical tracers and digital tracker are entering the market – two Provenance Proof technologies combined for more transparency

For the first time, large quantities of gemstones equipped with two innovative Provenance Proof technologies are available in the international trade. The combination of both a physical tracer (Emerald Paternity Test) and a digital ledger (Provenance Proof Blockchain) offers a completely new level of transparency

Provenance Proof, an initiative from the Gübelin Gem Lab, and recently spun off as an independent company, has developed both the Emerald Paternity Test – deploying physical tracers based on nano-sized tags – and the Provenance Proof Blockchain. All Provenance Proof technologies are available to the entire industry.

The Provenance Proof Blockchain is a digital, tamper-proof logbook tracking the relevant data of gemstones along the supply chain, from one owner to the next. This platform is secure, easy to use, and carefully balances transparency and privacy, with access to the information on a specific gemstone (or parcel) only granted to the gemstone’s current owner. Permission-based access is granted to everyone in the entire industry, free of charge. The Provenance Proof Blockchain, a co-production together with the tech provider Everledger, is the only existing solution in the gemstone and jewellery industry. Raphael Gübelin, President of the House of Gübelin, explains: “Each technology works perfectly on its own, but a combination of both provides even more robust transparency.” Gemfields offers emeralds with both traceability technologies These days, significant volumes of high-quality emeralds equipped with tracing and tracking technologies from Provenance Proof are entering the global supply chain. Once again, the mining company Gemfields is spearheading the industry by equipping its high-quality emeralds with the Emerald Paternity Test, and putting them on the Provenance Proof Blockchain. During the latest Gemfields auctions in Singapore, more than 13 kilogrammes of these top-quality gemstones were successfully sold to the invited buyers.

More transparency in the trade
This was the first time that several thousand high-quality gemstones containing both Provenance Proof traceability technologies have entered the supply chain at once. Soon, these gemstones will become available to jewellery brands and retailers, offering an unprecedented level of transparency into the journey of a gemstone, and opening new ways of customized storytelling to retailers.

This creates an entirely new level of digitally recorded, provable transparency within the gemstone industry. The end consumer, like any other stakeholder along the supply chain, can now read the entire story from the mine onwards with few clicks. Adrian Banks, Managing Director of Product & Sales at Gemfields, states: “Consumers are increasingly interested in the origin of their gems and how they can be responsibly mined to have a positive impact on the countries they are from.” This supply of a large number of high-end gemstones offering true, verifiable transparency is an important step forward towards a more transparent supply chain. Brands, jewellery manufacturers and retailers can now request such traceable gemstones. The webpage provides a directory listing the companies making use of Provenance Proof technologies. This billboard helps all industry stakeholders in their search for traceable gemstones.

News Source: diamondworld

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