HomeBlockchainBlockchain technology is revolutionizing diamond sourcing, with key players such as the...

Blockchain technology is revolutionizing diamond sourcing, with key players such as the GIA and luxury brands embracing the trend.

-


Blockchain Technology Revolutionizing the Diamond Industry: A Look at Everledger’s Impact

The jewelry industry is undergoing a transformation with the adoption of blockchain technology to enhance transparency and traceability in the diamond supply chain. Everledger, founded by Leanne Kemp in 2015, has paved the way for this change with its global digital registry.

In May 2022, the Tracr blockchain platform, launched by De Beers Group, has registered over a million rough diamonds at the source and 110,000 diamonds at the manufacturer level. This initiative aims to provide a permanent record of each diamond’s journey from the mine to the retail store, building trust and accountability in the industry.

Tracr CEO Wesley Tucker highlighted the platform’s scalability and customization features, allowing users to have their own instance tailored to their needs. Key industry players like the Gemological Institute of America (GIA) and Sarine Tech have joined the ecosystem, assigning each diamond a unique digital ID for provenance details.

Consumers are increasingly interested in the ethical sourcing of diamonds, and Tracr’s blockchain technology supports trade confidence by offering transparency and authenticity. Tiffany & Co. has even launched a limited edition line of digital and physical CryptoPunk pendants, leveraging blockchain for brand engagement.

The journey towards full adoption of blockchain technology is ongoing, with plans to onboard more industry players and integrate with existing technology platforms. Tracr envisions establishing a single, industry-wide platform to provide retailers and consumers with all the digital data they need for informed decisions.

LATEST POSTS

Analyst Jason Pizzino Indicates Ethereum is Poised for an Upside Move

Analyst Predicts Ethereum (ETH) May Be Gearing Up for Upside Swing Crypto analyst Jason Pizzino predicts Ethereum (ETH) may be gearing up for a significant...

Top 12 Bitcoin and Crypto Casinos for June 2024

Top Bitcoin Casinos for June, 2024 As the popularity of cryptocurrency continues to rise, so does the demand for online Bitcoin casinos. These casinos offer...

Michael Saylor predicts Bitcoin will reach $10M per coin, offering ‘economic immortality’

Michael Saylor Predicts Bitcoin to Reach $10 Million Per Coin: A Look at Corporate Immortality and Economic Pseudoscience Michael Saylor, the executive chairman and co-founder...

In its Latest Roadmap Update, Tectum Unveils Mobile App Release, Ivy Tree Consensus, and Public Blockchain TestNet

Tectum Unveils Latest Roadmap Update Featuring SoftNote Wallet Mobile App Launch Tectum Unveils Ambitious Roadmap Update, Including SoftNote Wallet Mobile App Launch Mahe, Seychelles-- Tectum, the...

Most Popular