The Gübelin Gem Lab and technology enterprise Everledger are jointly developing the Provenance Proof Blockchain for coloured gemstones aimed at further promoting transparency in the trade.
Under the Provenance Proof initiative, the Gübelin Gem Lab earlier kicked off a major project to establish a blockchain for coloured gemstones. The project aims at providing a digital, decentralised ledger that tracks gemstones throughout their lifetime journey along the supply chain, from mine to end-consumer.
To design and build the required technical backbone, Gübelin Gem Lab has partnered with Everledger, a leading expert in tracking the provenance of high-value assets using blockchain technology. All parties involved in the lifecycle of a gemstone will be engaged including miners, dealers, cutters, gemmological laboratories, wholesalers, jewellers, retailers and the end-consumer.
The Provenance Proof Blockchain aims to combine transparency, integrity and security, with the level of privacy and confidentiality required to bring these stakeholders together. This technology can be applied to every coloured gemstone and enables a completely new level of transparency across the industry.
News Source : jewellerynewsasia.cm