Provenance Proof Blockchain Hits 500K Tracked Colored Gemstones
The platform, developed by Gübelin and Everledger, has also undergone a redesign.
The companies announced Thursday the blockchain platform has now processed more than 500,000 colored gemstones.
They said the tracked stones have comprised more than 50 types of gems from all around the world.
More than 500 organizations are now registered on the platform, from artisanal miners and cutters to jewelry brands, gem labs, and retailers, according to Gübelin and Everledger.
The Provenance Proof Blockchain is designed to keep track of colored gemstones as they travel along the supply chain.
It begins at the mine, and then each transaction adds an immutable entry to the blockchain, resulting in a record that tracks the stone’s journey all the way to the end user.
Data captured includes the gemstone’s characteristics, details of its origin, and the circumstances under which the gem was mined, treated, cut, and set.
Gübelin and Everledger announced during the 2019 Tucson gem shows that the platform was opening to the industry after development and a pilot program with Fura Gems.
The two said environmental and social sustainability-minded retailers have driven the bulk of the platform’s industry adoption since then.
“Provenance Proof enables us to provide a level of transparency that had not previously been available in our industry. Their platform dispenses a friendly graphical user interface that effectively communicates each stone’s unique origin story,” Josef Gad of Assay Jewelers said in a statement.
“This partnership has not only added value on the consumer front, but it has also increased our B2B network of other retailers in search of stones with provenance. We are thrilled to become a part of this mission to cultivate a more ethical and transparent gemstone industry.”
Concurrent with the news of a milestone is a redesign for the platform meant to better help retailers and consumers trace the history of a stone.
It has given the platform an “an easy-view modular layout,” according to the press release, allowing for rapid access to a stone’s provenance story.
Additionally, the platform now provides the option to print a document that can physically accompany a stone for proof of origin and transparency.
It features tourmalines that have been stashed away for more than a decade.
RDI Diamonds CEO Michael Indelicato shares his advice for taking a family business to the next level.
The funeral for Hedaya, the final victim identified in the Surfside condo collapse, took place Tuesday in her native Brooklyn.
Create appraisals with the Jewelry Appraisal Solution on the Zing by Jewelers Mutual Group® platform and leverage the expertise of Gemworld.
The men allegedly stole, or attempted to steal, watches worth hundreds of thousands of dollars off victims’ wrists.