CollectionsFeb 21, 2025
Piece of the Week: Jade Ruzzo’s ‘Tennessee’ Oval Drop EarringsHeidi Gardner, an SNL cast member, wore the smoky quartz earrings on the “SNL50: The Anniversary Special” red carpet on Sunday.
MajorsMay 03, 2018
These Rings Were Tracked Through Blockchain
The diamond engagement rings are the product of an initiative called TrustChain, the result of a collaboration between a group of jewelry companies and IBM.
This is one of the six TrustChain engagement ring styles, all of which feature 14-karat white or yellow gold mined in South Dakota and diamonds from Rio Tinto. The ring will be sold at select Helzberg Diamonds stores beginning this fall.
New York—A group of Berkshire Hathaway-owned jewelry companies has partnered with UL, IBM and Asahi Refining to produce what they say is the first cross-industry initiative to produce finished pieces of jewelry traced from mine to market using blockchain.
The initiative, announced last week, is called TrustChain and is being launched with six gold and diamond engagement rings tracked via the IBM Blockchain Platform, which is delivered via the IBM Cloud.
Blockchains are digital ledgers that are decentralized, meaning they exist across multiple computers and servers; they’re not housed on any one computer or server, or owned by any one user or organization.
They are used by companies or groups of companies to record the history of transactions in a manner said to be more secure and allow for complete transparency. Transactions are recorded as individual “blocks” that are then “chained” together to show the complete record of transactions.
Each blockchain, whether it’s for UPS, Walmart or British Airways, is accessible only by permitted parties, and each block must be validated by the parties before it is added to the digital ledger.
De Beers is working with Boston Consulting Group on a blockchain initiative for tracing diamonds from mine to market, while Gübelin Gem Lab has partnered with Everledger to develop one for colored gemstones.
The TrustChain initiative, however, is the only one so far for a finished piece of jewelry with multiple components.
Mark Hanna, chief marketing officer for The Richline Group, which is manufacturing and distributing the initial TrustChain rings, said the initiative is important for the industry as it seeks to “raise the collective responsibility and provenance practices to new heights.”
The diamonds provided for the proof of concept came from Rio Tinto’s mines in Australia and Canada, and the gold from the Coeur Wharf Mine in South Dakota.
The raw gold was processed and refined at Asahi Refining in Salt Lake City, Utah, with LeachGarner transforming the gold bars into 14-karat white and yellow gold casting grain and sending it to Richline’s manufacturing facility in India.
The finished rings were returned to the United States via the Richline distribution center in Florida before being shipped to North Kansas City, Missouri-based Helzberg Diamonds. (Richline, LeachGarner and Helzberg are all owned by Berkshire Hathaway, Warren Buffett’s holding company.)
UL provided third-party verification of each transaction along the way.
Hanna said while they started with Canadian diamonds, U.S. gold and manufacturing at Richline’s facility in India for proof of concept, plans call for expansion of TrustChain in the future, incorporating more mines and manufacturers and making the jewelry available to additional retailers.
The initiative, announced last week, is called TrustChain and is being launched with six gold and diamond engagement rings tracked via the IBM Blockchain Platform, which is delivered via the IBM Cloud.
Blockchains are digital ledgers that are decentralized, meaning they exist across multiple computers and servers; they’re not housed on any one computer or server, or owned by any one user or organization.
They are used by companies or groups of companies to record the history of transactions in a manner said to be more secure and allow for complete transparency. Transactions are recorded as individual “blocks” that are then “chained” together to show the complete record of transactions.
Each blockchain, whether it’s for UPS, Walmart or British Airways, is accessible only by permitted parties, and each block must be validated by the parties before it is added to the digital ledger.
De Beers is working with Boston Consulting Group on a blockchain initiative for tracing diamonds from mine to market, while Gübelin Gem Lab has partnered with Everledger to develop one for colored gemstones.
The TrustChain initiative, however, is the only one so far for a finished piece of jewelry with multiple components.
Mark Hanna, chief marketing officer for The Richline Group, which is manufacturing and distributing the initial TrustChain rings, said the initiative is important for the industry as it seeks to “raise the collective responsibility and provenance practices to new heights.”
The diamonds provided for the proof of concept came from Rio Tinto’s mines in Australia and Canada, and the gold from the Coeur Wharf Mine in South Dakota.
The raw gold was processed and refined at Asahi Refining in Salt Lake City, Utah, with LeachGarner transforming the gold bars into 14-karat white and yellow gold casting grain and sending it to Richline’s manufacturing facility in India.
The finished rings were returned to the United States via the Richline distribution center in Florida before being shipped to North Kansas City, Missouri-based Helzberg Diamonds. (Richline, LeachGarner and Helzberg are all owned by Berkshire Hathaway, Warren Buffett’s holding company.)
UL provided third-party verification of each transaction along the way.
Hanna said while they started with Canadian diamonds, U.S. gold and manufacturing at Richline’s facility in India for proof of concept, plans call for expansion of TrustChain in the future, incorporating more mines and manufacturers and making the jewelry available to additional retailers.
Editors' Picks
Sponsored by
“This pilot was done particularly to try to move product globally and … create a worldwide model that we could follow,” he said.
The Berkshire Hathaway companies, along with Asahi and UL, have been working with IBM on the TrustChain project since the beginning of 2017.
The TrustChain rings are set to go on sale at Helzberg in the fall, with the exact number of stores that will carry the rings still being determined.
Also still up in the air is how it will be marketed, packaged, presented in stores and explained by sales associates to the end consumer.
The Berkshire Hathaway companies, along with Asahi and UL, have been working with IBM on the TrustChain project since the beginning of 2017.
The TrustChain rings are set to go on sale at Helzberg in the fall, with the exact number of stores that will carry the rings still being determined.
Also still up in the air is how it will be marketed, packaged, presented in stores and explained by sales associates to the end consumer.
All six ring styles created for the TrustChain initiative
As far as pricing on the rings goes, Helzberg Diamonds Chief Merchandising Officer Julie Yoakum said the retailer “does not anticipate putting a premium on TrustChain product,” meaning that the rings tracked through blockchain are not expected to be more expensive for consumers than comparable pieces.
The FAQ section of the TrustChain website says when consumers buy a TrustChain ring, they will receive a “permanent digital record” of that ring’s journey through the supply chain. If that sounds like a familiar concept, it’s because Richline has done a program like TrustChain before.
More than a decade ago, Aurafin (and, later, Richline) worked with Walmart and Pam Mortensen, who then was heading the retailer’s fine jewelry department, to launch a line called “Love, Earth.”
Each person who bought a piece could go to a now-defunct website, LoveEarthInfo.com, to see on a map where the gold was mined and the piece was manufactured.
It was a pioneering program in jewelry traceability, predating the formation of the Responsible Jewellery Council, Forevermark’s launch in the United States and most certainly blockchain.
“This is how we (Richline) got to blockchain, from Love, Earth,” Hanna said, though he noted the technology used for Love, Earth back in 2006, called string, was much less sophisticated and more manual.
“We’re really going to be bringing back the program with a lot more documentation and a lot more touchpoints. The blockchain is kind of string on steroids.”
Hanna said from Richline’s perspective, there are additional costs involved in using blockchain in the short term, but the company anticipates those will be offset in the long term by the efficiencies it will create.
He also said he expects that in a year or two, the TrustChain initiative and the other blockchain pilots currently underway in the industry, from De Beers/Boston Consulting to Gübelin/Everledger, will be able to communicate and work together.
More on Majors
The Latest
SourcingFeb 21, 2025
Zambia Lifts 15% Export Duty on Gemstones, Metals The reversal comes less than two months after the Zambian government reinstated the tax in an effort to bring in more money.
SourcingFeb 20, 2025
Anglo Writes Down Value of De Beers by $2.9B As anticipated, Anglo took another impairment charge on the diamond miner and marketer, which saw revenue sink 23 percent in 2024.
Brought to you by
Get Ready for the JA New York Spring ShowThis year will feature a new MJSA Showcase and partnership with Piazza Italia.
SourcingFeb 20, 2025
Harry Winston’s Son Donates Fancy Red Diamond to the SmithsonianRonald Winston is giving the 2.33-carat “Winston Red” to the Smithsonian, 67 years after his father donated the Hope Diamond.
Weekly QuizFeb 21, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingFeb 20, 2025
GJEPC Names New Chairman, Vice ChairmanKirit Bhansali, a partner in Smital Gems and chairman of India Jewellery Park, will take on the role of chairman.
IndependentsFeb 20, 2025
IJO Elects 4 New Board MembersAlisha Cornett, Nic Faini, Eric Stevens, and Seth Shipley have joined the organization’s board of directors for a three-year term.
Brought to you by
3 Ways to Capitalize on America’s Newfound Love of Colored GemsColored stones are stepping into a jewelry spotlight typically reserved for diamonds—are you ready to sell color?
CrimeFeb 19, 2025
Brink’s to Pay $42M After Admitting to Illegally Transporting MoneyThe company has to pay the Justice Department and FinCEN for violating the Bank Secrecy Act, the U.S.’s main anti-money laundering law.
SourcingFeb 19, 2025
Diamond Mining Company CEO Steps Down Amid Sales Slump, LayoffsPetra Diamonds Ltd. CEO Richard Duffy resigned as the diamond miner reported a 30 percent drop in sales to start its fiscal year.
ColumnistsFeb 19, 2025
The Smart Lab: Maximizing Your Jewelry Brand on PinterestPinterest is a potential gold mine for jewelry brands, Emmanuel Raheb writes, provided they follow these five tips.
CollectionsFeb 19, 2025
Swarovski’s NYC Flagship Celebrates Ariana Grande CollabThe store’s facade now features the iconic swan logo and campaign images of the “Wicked” star.
Policies & IssuesFeb 18, 2025
New Customs Requirements for Diamond Imports: What We KnowBeginning in April, companies importing diamonds into the United States will have to list the country in which the diamonds were mined.
AuctionsFeb 18, 2025
A Menagerie of Fabergé Coming to Sotheby’sAround 30 whimsical Fabergé animal carvings will go up for auction at Sotheby’s Geneva in May.
SourcingFeb 18, 2025
Celine Assimon Stepping Down as CEO of De Beers JewellersAssimon will be leaving at the end of February after nearly five years with De Beers.
CollectionsFeb 18, 2025
Tabayer Debuts Its First Men’s Jewelry SelectionsDesigns from the brand’s “Oera” collection have been reimagined with modern masculinity in mind.
SourcingFeb 14, 2025
Navneet Gems Now Offering Unheated Montana SapphiresThe wholesale collection features material from the Rock Creek mine in a variety of colors.
CollectionsFeb 14, 2025
Carolyn Rafaelian Partners with ‘Long Island Medium’ StarThe “Divinely Guided” collection, created in collaboration with Theresa Caputo, features symbols that celebrate the power of connection.
CollectionsFeb 14, 2025
Piece of the Week: Lorraine West’s Diamond ‘Open Heart’ RingShow some love on Valentine’s Day with this 14-karat yellow gold ring that features pavé diamonds.
CrimeFeb 13, 2025
Macy’s Employee Foils $1.5M Jewelry Theft The employee confronted the thief, causing the suspect to flee and leave behind the suitcases full of jewelry.
SourcingFeb 13, 2025
Namibian Diamond Co. Suspends CEO, COO After Deadly Heist Namib Desert Diamonds also put its security manager on leave following last month’s robbery that left one employee dead.
Events & AwardsFeb 13, 2025
AGTA Announces Buyer’s Choice Award Winners for Spectrum, Cutting EdgeAGTA recently concluded its 2025 GemFair event in Tucson and is already gearing up for next year’s show, set for Feb. 2-6, 2026.
CollectionsFeb 13, 2025
Royal Chain Releases Its Spring 2025 CatalogMore than 400 new pieces are featured in the supplier’s latest catalog.
TrendsFeb 13, 2025
Amanda’s Style File: Hearts for Valentine’s DayThis curation celebrates love with heart-shaped jewelry of all shapes and sizes.
Policies & IssuesFeb 13, 2025
Jewelers Relief Fund Reopened to Aid Victims of LA Fires The fund is collecting money for jewelry businesses damaged by the wildfires in Los Angeles County.
TrendsFeb 12, 2025
5 Engagement Ring Trends Expected to Rule 2025From chunky bands to vintage diamond cuts and bezel settings, these are the trends experts are seeing take over the bridal market.
EditorsFeb 12, 2025
Q&A: Marion Fasel on the History of Diamond Engagement RingsFasel discusses researching her new book, the most enduring engagement ring styles, and the diamond shape Taylor Swift will pick.
