MajorsDec 24, 2024
Nordstrom Family, Partner to Take Retailer Private in $6B DealMembers of the founding family have partnered with Mexican retail company El Puerto de Liverpool to acquire Nordstrom.
SourcingFeb 13, 2019
Gübelin’s Blockchain for Gems Now Open to the Industry
The Swiss gem lab’s Provenance Proof technology debuted during AGTA GemFair.
Gübelin’s blockchain technology, piloted with Fura Gems’ Colombian emeralds, is now open for the entire industry to use.
Tucson, Ariz.—Gübelin’s blockchain for colored stones, developed in partnership with Everledger, is now available to the entire industry.
The Swiss gem lab launched its Provenance Proof Blockchain during AGTA GemFair, officially opening its use to the trade.
Now, any professional stakeholder along the supply chain can register and, after a standard “Know your Customer” check, start using it.
It’s been a little more than a year since Gübelin announced it was developing the program to trace colored gemstones from mine to market, which it calls the first of its kind in the world.
The project comes as part of the lab’s Provenance Proof initiative, a long-term program designed to develop and provide technologies to the gemstone industry to make it more transparent. It includes the lab’s “Emerald Paternity Test.”
Gübelin’s blockchain aims to track a stone as early in the supply chain as possible to build a record of each rough gemstone’s journey. The owner or custodian of the stone is then able to contribute certain information to the log book through to, and including, the end consumer.
Fura Gems was the mining pilot partner, offering goods at its Coscuez Colombian emerald mine as test subjects for the blockchain technology.
The Gübelin family shouldered the cost of developing the technology, which means it is free to use for anyone in the trade.
“The industry has been changing and consumers are now interested in transparency, and this was my main motivation … to support blockchain and this whole initiative because I think we need to change now,” Raphael Gübelin, president of the House of Gübelin, said in Tucson.
To help keep it inclusive, every process, including the registration and upload of the data, can be done on a smartphone.
Visibility is restricted to the user in custody of the gemstone, and only is allowed upstream—meaning the current users can see who had the gemstone before them but do not see where it goes once it leaves their possession—though Everledger CEO Leanne Kemp told National Jeweler during an interview after the launch event that it could be reversed to allow someone at the beginning of the chain to see subsequent actions should users give permission to do so.
Gübelin Gem Lab Managing Director Daniel Nyfeler also noted that the lab has no privileged insight into specific data of the blockchain; the lab itself can only see the information entered into the blockchain relating to the stones it is entrusted with testing.
WATCH: Gübelin Explains How the Blockchain Works
The Swiss gem lab launched its Provenance Proof Blockchain during AGTA GemFair, officially opening its use to the trade.
Now, any professional stakeholder along the supply chain can register and, after a standard “Know your Customer” check, start using it.
It’s been a little more than a year since Gübelin announced it was developing the program to trace colored gemstones from mine to market, which it calls the first of its kind in the world.
The project comes as part of the lab’s Provenance Proof initiative, a long-term program designed to develop and provide technologies to the gemstone industry to make it more transparent. It includes the lab’s “Emerald Paternity Test.”
Gübelin’s blockchain aims to track a stone as early in the supply chain as possible to build a record of each rough gemstone’s journey. The owner or custodian of the stone is then able to contribute certain information to the log book through to, and including, the end consumer.
Fura Gems was the mining pilot partner, offering goods at its Coscuez Colombian emerald mine as test subjects for the blockchain technology.
The Gübelin family shouldered the cost of developing the technology, which means it is free to use for anyone in the trade.
“The industry has been changing and consumers are now interested in transparency, and this was my main motivation … to support blockchain and this whole initiative because I think we need to change now,” Raphael Gübelin, president of the House of Gübelin, said in Tucson.
To help keep it inclusive, every process, including the registration and upload of the data, can be done on a smartphone.
Visibility is restricted to the user in custody of the gemstone, and only is allowed upstream—meaning the current users can see who had the gemstone before them but do not see where it goes once it leaves their possession—though Everledger CEO Leanne Kemp told National Jeweler during an interview after the launch event that it could be reversed to allow someone at the beginning of the chain to see subsequent actions should users give permission to do so.
Gübelin Gem Lab Managing Director Daniel Nyfeler also noted that the lab has no privileged insight into specific data of the blockchain; the lab itself can only see the information entered into the blockchain relating to the stones it is entrusted with testing.
WATCH: Gübelin Explains How the Blockchain Works
During the Tucson launch event, Nyfeler outlined some of the benefits the lab sees to the transparency that comes from blockchain. In addition to the social responsibility aspect of it, it could help reduce the risks that stops many banks and other institutions from financing the trade.
He said it also makes economic sense to embrace it; blockchain could offer greater visibility for companies along the supply chain and offer retailers the full information to build the story behind a stone.
Nyfeler, along with Kemp, Raphael Gübelin, Fura Gems Vice President Marketing and Sales Rupak Sen, and Pat Syvrud, minerals, materials and society program development manager at the University of Delaware, took part in a panel after presentations during the Tucson launch.
During the panel, Nyfeler addressed one of the biggest criticisms of blockchain—it does not have the ability to prevent a user from entering false data that then appears legitimate as it is locked into the blockchain.
“Blockchain is not the silver bullet that’s going to bring 100 percent trueness in the industry immediately, but … it’s going to be much easier to determine over time and see patterns, and you’re going to see where such wrong information might come from, which so far is not the case and that’s the point where we were starting from,” he said.
When an attendee also asked whether the small-scale miners would care about becoming a part of this, Nyfeler said it was up to the industry to encourage them to do so.
Looking to the future, he told National Jeweler that Provenance Proof, like De Beers’ Tracr, is a long-term venture that eventually will be spun off as its own company.
A supervisory board will be entrusted with making strategic decisions, such as data security and compliance issues, and will consist mostly of individuals independent of the gemstone industry “in order to minimize the risk of conflicting interests.”
And since certain segments of stakeholders will have specific needs related to the use of the blockchain, such as a large-scale miner or wholesaler wanting interfaces to allow for the automated upload or exchange of the company’s inventory system, Provenance Proof—not Gübelin Gem Lab—will oversee designing, building and implementing solutions to address these needs.
He said it also makes economic sense to embrace it; blockchain could offer greater visibility for companies along the supply chain and offer retailers the full information to build the story behind a stone.
Nyfeler, along with Kemp, Raphael Gübelin, Fura Gems Vice President Marketing and Sales Rupak Sen, and Pat Syvrud, minerals, materials and society program development manager at the University of Delaware, took part in a panel after presentations during the Tucson launch.
During the panel, Nyfeler addressed one of the biggest criticisms of blockchain—it does not have the ability to prevent a user from entering false data that then appears legitimate as it is locked into the blockchain.
“Blockchain is not the silver bullet that’s going to bring 100 percent trueness in the industry immediately, but … it’s going to be much easier to determine over time and see patterns, and you’re going to see where such wrong information might come from, which so far is not the case and that’s the point where we were starting from,” he said.
When an attendee also asked whether the small-scale miners would care about becoming a part of this, Nyfeler said it was up to the industry to encourage them to do so.
Looking to the future, he told National Jeweler that Provenance Proof, like De Beers’ Tracr, is a long-term venture that eventually will be spun off as its own company.
A supervisory board will be entrusted with making strategic decisions, such as data security and compliance issues, and will consist mostly of individuals independent of the gemstone industry “in order to minimize the risk of conflicting interests.”
And since certain segments of stakeholders will have specific needs related to the use of the blockchain, such as a large-scale miner or wholesaler wanting interfaces to allow for the automated upload or exchange of the company’s inventory system, Provenance Proof—not Gübelin Gem Lab—will oversee designing, building and implementing solutions to address these needs.
More on Sourcing
The Latest
MajorsDec 24, 2024
Boucheron Bets on Las VegasThe brand has opened its second U.S. location in the Fontainebleau resort and casino.
EditorsDec 24, 2024
The Spectrum Jewels I Want to Find Under the Tree Associate Editor Lauren McLemore highlights pieces from the AGTA Spectrum & Cutting Edge Awards she’d be thrilled to unwrap on Christmas.
Brought to you by
A Diamond Is Forever Celebrates "Forever Present" Holiday CampaignA Diamond is Forever hosted a holiday celebration in honor of their new marketing campaign, ‘Forever Present.’
IndependentsDec 23, 2024
Philadelphia 76ers’ Tyrese Maxey Stars in The 1916 Company’s New CampaignThe retailer’s “On the Clock” campaign celebrates how time, precision, and purpose come together.
Weekly QuizDec 19, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsDec 23, 2024
My Favorite Piece of the Week Jewels of 2024Associate Editor Natalie Francisco chose her 12 favorite Piece of the Week picks from the year gone by.
GradingDec 23, 2024
GIA Adds Filler Identification to Emerald ReportsLab clients have the option to request this addition on their emerald reports.
Brought to you by
De Beers Group Launches Holiday Campaign for Natural Diamonds‘Forever Present’ campaign revives the iconic A Diamond is Forever tagline and celebrates the diamond dream.
Events & AwardsDec 20, 2024
Two Participants Complete Inaugural Ella Klein InternshipJamie Dunton and Gabriella Botelho are the first graduates of the program, created by the WJA Foundation and Julius Klein Diamonds.
CollectionsDec 20, 2024
Piece of the Week: Retrouvaí’s Ring for CharityIn the spirit of giving, Retrouvaí will donate $4,000 from the sale of this ring to the Los Angeles Regional Food Bank.
IndependentsDec 19, 2024
Michigan’s DeVries Jewelers Unveils New Location in Time for the HolidaysCo-owner Dan DeVries shared what it’s like moving into a space triple the size of its old store and how it feels to be a “real jeweler” now.
CollectionsDec 19, 2024
State Property Transforms Spain’s Generalife Gardens into JewelryAlong with the latest “Gardens” collection, the brand has released limited-edition designs offering more indulgent pieces.
CrimeDec 19, 2024
Alleged Jewelry Thieves Attempt Rowboat EscapeThe man and woman are accused of stealing jewelry from a shipping container then trying to flee by paddling a small boat out into a bay.
SourcingDec 19, 2024
Gemfields Reports Record Ruby Auction Results Despite Challenges at SourceThe average price per carat hit a record high for the miner, which said it remains unaffected by the conflict in Mozambique.
AuctionsDec 18, 2024
Alexandrite Ring Sells for Record-Setting $1.9M at Sotheby’sThe nearly 17-carat stone made history for the color-change gem that, according to the auction house, is experiencing a “notable surge” in the market.
WatchesDec 18, 2024
Historic Titanic Pocket Watch Winds Its Way Back to Tiffany & Co. More than a century after survivors gifted a Tiffany timepiece to the captain of the ship that rescued them, the jeweler has reclaimed it.
TechnologyDec 18, 2024
Picchiotti Utilizes AI in ‘Spotlight’ Video CampaignThe videos highlight how pieces from the “Xpandable” and “Reversible Xpandable” collections put the wearer in the spotlight.
IndependentsDec 18, 2024
Industry Veteran Steve Feldman Set to RetireFeldman reflected on 45 years in the jewelry industry and clarified that it’s not a total retirement.
Events & AwardsDec 17, 2024
Chanel to Receive Gem Award for High Jewelry ExcellenceThe luxury brand is being honored for excellence in high jewelry design in its “Haute Joaillerie Sport” collection.
SourcingDec 17, 2024
Frank Circelli, Founder of Gem Shopping Network, Dies at 75Circelli was a pioneer in the world of TV shopping who is remembered for his passion for gemstones and his big personality.
AuctionsDec 17, 2024
Blue Diamond Fetches $8.8M at Christie’sThe nearly 6-carat stone headlined the recent jewelry auction, which also featured Mica Ertegun’s jewelry.
CrimeDec 17, 2024
‘Black Bin Crew’ Robbers Get 14-16 Years in Prison The three men, who got their nickname because they’d toss the jewelry they stole into black plastic bins, were arrested back in August.
TrendsDec 16, 2024
Marion Fasel’s New Book Delves Into the History of Engagement Rings“The History of Diamond Engagement Rings: A True Romance” is a 128-page small-format book containing more than 165 images.
WatchesDec 16, 2024
Take a Look Inside the New Rolex Boutique on Rodeo DriveGearys opened a 6,200-square-foot Rolex store with a design that pays homage to the brand’s connection to the ocean.
GradingDec 16, 2024
GCAL By Sarine Expands 8X to 2 More Fancy Shapes The diamond cut grade is now available for marquise- and pear-shaped diamonds.
SourcingDec 16, 2024
Diamonds Do Good Announces 2025 Award RecipientsDDG said the honorees’ business practices embody a commitment to positive social impact, industry innovation, and community empowerment.
TrendsDec 13, 2024
Selena Gomez Said ‘Forever Begins Now’ to Marquise Diamond Engagement RingEstimates on the size and value of the solitaire diamond, which is mounted on a diamond pavé-set yellow gold band, vary.
