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.
SourcingJan 26, 2018
De Beers Piloting Blockchain Platform for Diamonds
Blockchain is a technology that’s poised to transform industries in the coming years, and De Beers wants diamonds to be one of them.
De Beers just launched a pilot blockchain program for the diamond supply chain. Blockchain is the technology behind bitcoin and also is now being employed by banks, as well as in real estate and music streaming.
New York--Blockchain is a technology that’s poised to transform industries in the coming years, and De Beers wants diamonds to be one of them.
Last week, the diamond miner and marketer announced it has launched a pilot blockchain program for diamonds in partnership with BCG Digital Ventures, a subsidiary of Boston Consulting Group that’s investing heavily in blockchain.
Best known as the technology behind bitcoin, blockchain is a secure digital ledger that is decentralized, meaning it exists across multiple computers and servers and is not owned by any one user or organization.
For the diamond industry, De Beers’s David Prager said it will be used to register each interaction with a stone—like when it is cut at factory or graded at a lab—that then becomes part of the “block” of information about that particular diamond as it passes through the supply chain.
Each block must be validated by the blockchain community before it is added to the digital ledger.
When “chained” together, these individual blocks will form a digital record for each diamond.
Though it is being developed by De Beers, Prager said the diamond blockchain will be accessible by all industry participants, but will not include lab-grown diamonds.
“This is a diamond blockchain to record a diamond’s journey as it passes through the full value chain,” he said. “It is not for other products, whether they be lab-grown, precious metals or simulants. This means that the diamond blockchain will be able to provide the industry and consumers with clear and unambiguous assurance that their diamond is natural.”
It will be governed by an independent, nonprofit organization, the details of which are still being worked out.
A key focus of the pilot program is making the blockchain compatible for a range of operating systems for computers and phones.
When asked which companies will shoulder the extra cost blockchain will bring to the supply pipeline, Prager said De Beers is making the initial investment in blockchain because it believes it’s important for the diamond industry and that, ultimately, the efficiencies it will create in the supply chain will reduce the cost of doing business for many users.
Last week, the diamond miner and marketer announced it has launched a pilot blockchain program for diamonds in partnership with BCG Digital Ventures, a subsidiary of Boston Consulting Group that’s investing heavily in blockchain.
Best known as the technology behind bitcoin, blockchain is a secure digital ledger that is decentralized, meaning it exists across multiple computers and servers and is not owned by any one user or organization.
For the diamond industry, De Beers’s David Prager said it will be used to register each interaction with a stone—like when it is cut at factory or graded at a lab—that then becomes part of the “block” of information about that particular diamond as it passes through the supply chain.
Each block must be validated by the blockchain community before it is added to the digital ledger.
When “chained” together, these individual blocks will form a digital record for each diamond.
Though it is being developed by De Beers, Prager said the diamond blockchain will be accessible by all industry participants, but will not include lab-grown diamonds.
“This is a diamond blockchain to record a diamond’s journey as it passes through the full value chain,” he said. “It is not for other products, whether they be lab-grown, precious metals or simulants. This means that the diamond blockchain will be able to provide the industry and consumers with clear and unambiguous assurance that their diamond is natural.”
It will be governed by an independent, nonprofit organization, the details of which are still being worked out.
A key focus of the pilot program is making the blockchain compatible for a range of operating systems for computers and phones.
When asked which companies will shoulder the extra cost blockchain will bring to the supply pipeline, Prager said De Beers is making the initial investment in blockchain because it believes it’s important for the diamond industry and that, ultimately, the efficiencies it will create in the supply chain will reduce the cost of doing business for many users.
“We are very excited about this initiative and the benefits it could deliver across the diamond value chain, from producers through to retailers and consumers.”–De Beers Group CEO Bruce Cleaver
Having a Blockchain for diamonds would serve several purposes that De Beers and other players undoubtedly see as critical to the industry at this juncture.
First, keeping track of stones from mine to market allows the people who sell them to comfortably say this diamond is what it’s being presented as—for example mined, not lab-grown—and comes from an area of the world currently free of conflict.
First, keeping track of stones from mine to market allows the people who sell them to comfortably say this diamond is what it’s being presented as—for example mined, not lab-grown—and comes from an area of the world currently free of conflict.
Secondly, having a product that is traceable is more attractive to banks, which have been exiting the industry in great numbers due to concerns about diamonds being tied to money laundering.
“We are very excited about this initiative and the benefits it could deliver across the diamond value chain, from producers through to retailers and consumers,” De Beers Group CEO Bruce Cleaver said. “We look forward to continuing to engage with industry stakeholders as we progress development of the platform over the coming months.”
De Beers said its pilot blockchain program involves a “small number of participants.” While it isn’t disclosing company names, it said the partners “span the diamond value chain” and do include some sightholders.
A full launch is expected to take place later this year.
De Beers executives were in New York ahead of the Gem Awards and 24 Karat Club events last week pitching their blockchain project to the broader industry, including members of the U.S. Jewelry Council, a group of trade organizations that work together to ensure U.S. representation on responsible sourcing issues at the governmental and international levels.
Among those in attendance was Ronnie VanderLinden, president of the Diamond Manufacturers & Importers Association of America (DMIA), who said, “While this is still at an early stage of development, De Beers’s willingness to cooperate with and seek advice from all industry participants bodes well for successful development and implementation of this initiative. We look forward to continuing to work with them as it develops so we can make sure our members stand to see maximum benefit.”
De Beers has launched a website specifically for blockchain, which includes a section where visitors can sign up to receive updates as the project moves along.
While the miner and marketer works on developing a blockchain specifically for diamonds, a separate effort is underway to apply the technology to the colored gemstone supply chain.
Swiss gem lab Gübelin announced earlier this month that it is working with technology company Everledger to develop a program that will trace colored gemstones from mine to market, which it says will be the first of its kind.
More on Sourcing
The Latest
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.
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.
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.
Weekly QuizDec 19, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
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.
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.
Brought to you by
Advocacy and Excellence: How Jewelers of America Is Committed to Elevating Our Industry For over a century, Jewelers of America has been the voice of the industry and valuable resource to jewelers across the country.
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.
TrendsDec 13, 2024
Piece of the Week: Martin Katz’s Tanzanite Drops These half-moon tanzanite earrings totaling 25 carats are part of a special trunk show taking place this weekend in Dallas.
Recorded WebinarsDec 13, 2024
Watch: The Highs and Lows of 2024The National Jeweler editors recap the top news, the best jewels, and their favorite stories of the year.
AuctionsDec 12, 2024
Tom Brady’s Watches Top $4M at Sotheby’s AuctionThe highest-grossing lot of the sale was the retired QB’s Rolex Paul Newman Daytona “John Player Special.”
SourcingDec 12, 2024
Grizzly Emerald Auction Garners $22.4MRecent expansion initiatives at the Zambian emerald mine have shown strong production numbers, said Grizzly founder Abdoulaye Ndiaye.
MajorsDec 12, 2024
Mark Henry Appoints New Director of SalesCarrie Forman joins the brand to guide it into the next phase of growth with major and independent retailers in the U.S. and abroad.
SourcingDec 12, 2024
De Beers Announces 2024 ‘Shining Light’ Award WinnersThe competition awarded 12 designers, each from a country where De Beers recovers diamonds, with business support and tuition assistance.
CollectionsDec 12, 2024
The Jared Atelier x Vera Wang Collection Emphasizes EleganceThe high jewelry collection features 14 one-of-a-kind pieces, with serpent and ribbon motifs winding their way through the collection.
