The service uses blockchain to create a secure record of where and by whom a diamond or gemstone has been handled, helping to create a clear supply chain that both retailers and consumers can access.
“Everledger’s purpose is to contribute greater clarity and confidence in the marketplaces where increased transparency is essential,” Kemp said in a statement, adding, “We’ve pioneered this work for the diamond and gemstone industry.”
The platform has already been embraced by the Gemological Association of America, Chow Tai Fook, the Singapore Diamond Investment Exchange and ethical jewellery company Brilliant Earth, as well as Indian manufacturers Dharmanandan Diamonds and Sheetal Group.
In the coloured gemstone category, Moyo Gemstones and Gübelin Gem Lab recently used Everledger’s technology for the Provenance Proof initiative in Tanzania. The pilot scheme is designed to protect artisanal miners, from whom 80 to 90 per cent of the world’s coloured gemstones are sourced, from exploitation.
Earlier this year, Everledger helped Spanish jewellery manufacturer Facet create a fully traceable jewellery collection, as well as the ‘first blockchain engagement ring’ with London jewellers Taylor & Hart.
Shortly after the platform upgrade was announced, Everledger closed a $US20 million Series A funding round, lead by Chinese conglomerate Tencent.
James Mitchell, chief strategy officer Tencent, said blockchain traceability was not only appealing to consumers, but also reduced risks for jewellery businesses.
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