AuctionsApr 04, 2025
25-Carat Burmese Sapphire Brooch Sells for $101KA pink topaz Belle Époque pendant-brooch and a Victorian Egyptian Revival choker were also highlights at a recent Anderson & Garland sale.
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
SourcingApr 04, 2025
Mason-Kay Jade to Hold Inaugural International Jade SummitThe event, which will co-locate with the Monterey Bay Jade Festival, will bring education sessions focused on jade to the United States.
CollectionsApr 04, 2025
Piece of the Week: Heather B. Moore’s ‘Lily of the Valley’ CharmThe charm is a celebration of springtime as April showers bring May flowers with the piece’s cluster of diamond raindrops.
Brought to you by
The Heart of the Industry: Giving Bench Jewelers the Recognition They DeserveBench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.
SurveysApr 03, 2025
2025 Retail Sales to Grow More Slowly Amid ‘Uncertainty,’ Says NRFThe National Retail Federation expects retail sales growth to return to pre-pandemic levels as consumers continue to face inflation.
Weekly QuizApr 03, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TrendsApr 03, 2025
Tallulah Willis Imbues Antique Engagement Ring With MagicThe 4-carat, old mine brilliant-cut diamond engagement ring was co-designed by Willis and New York City-based brand Karina Noel.
SourcingApr 03, 2025
Canadian Mine Produces 158-Carat Yellow Diamond Rio Tinto unearthed the diamond at its Diavik mine in Canada’s Northwest Territories.
Brought to you by
Natural Diamonds Should Mean MoreNatural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.
CollectionsApr 03, 2025
Buccellati to Open Immersive Exhibition in MilanThe multisensory experience, open April 8-13, will feature the brand’s silver creations among dream-like scenes of natural landscapes.
Policies & IssuesApr 03, 2025
Jewelers of America to Hold Webinar on TariffsThe virtual event will take place April 7 at 3 p.m.
CollectionsApr 02, 2025
Bea Bongiasca’s ‘Tarallo’ Collection Expansion Is a ZooThe pieces in “Animali Tarallo” portray animals from stingrays to elephants through portraits and interpretations of their patterns.
SourcingApr 02, 2025
Winston’s Collection of Natural Color Diamonds Now on Display in D.C. Ronald Winston, son of Harry Winston, donated the diamonds to the Smithsonian National Museum of Natural History in Washington, D.C.
Events & AwardsApr 02, 2025
Punchmark to Host Client WorkshopThe educational event will take place in Charlotte, North Carolina, this May.
IndependentsApr 01, 2025
Bergman Jewelers in Omaha Closing After 137 YearsThe independent jeweler first opened its doors in 1888.
Events & AwardsApr 01, 2025
U.S. Antique Shows Adds Fall Show in FloridaThe debut event will take place in Miami’s Coconut Grove neighborhood this fall.
Events & AwardsApr 01, 2025
TJS to Host Discussion on Jewelry Industry’s Labor ShortageThe roundtable will take place May 17 ahead of the trade show’s welcome dinner.
CollectionsApr 01, 2025
Monica Rich Kosann Says ‘Good Grief’ in Peanuts Jewelry CollectionThe “Peanuts x Monica Rich Kosann” collection features the comic strip’s classic vocabulary across 10 bracelet designs.
Recorded WebinarsMar 31, 2025
Watch: What Do We Mean When We Say ‘Recycled’ Gold?Three industry experts dive into the complexities of the material often marketed as an “ethical” alternative for metal in jewelry.
TrendsMar 31, 2025
Amanda’s Style File: Dripping in DiamondsDiamonds are not only one of the most prominent gemstones, but the birthstone for those born in April.
MajorsMar 31, 2025
Lashbrook Expands Into Luxury Golf Gifts With AcquisitionThe Utah-based company known for making wedding bands has acquired Doubloon Golf.
WatchesMar 31, 2025
Bulgari CEO Jean-Christophe Babin Will Also Head LVMH WatchesThe longtime luxury executive led one of LVMH’s watch brands, TAG Heuer, for 12 years before taking over Bulgari in 2013.
CrimeMar 28, 2025
2 Suspects Arrested in $1.7M Smash-and-Grab Robbery of NY Jewelry StoreAuthorities said the robbers fled with jewelry and 70 Rolex watches, later taking pictures of themselves posing with big stacks of cash.
SourcingMar 28, 2025
19th-Century Jade Book Now Available in EnglishLotus Gemology founder Richard W. Hughes has translated Heinrich Fischer’s 1880 book “Nephrit und Jadeit” from its original German.
CollectionsMar 28, 2025
Piece of the Week: Löf’s ‘The Valentine’ RingThe ring's design features contrasting lines influenced by work from architecture-inspired photographer Nikola Olic.
SurveysMar 27, 2025
Consumer Confidence Falls in March Amid ‘Gloomy’ OutlookThe Conference Board’s index fell as consumers continued to worry about the impact of tariffs, the labor market, and the price of eggs.
AuctionsMar 27, 2025
300-Year-Old Ring Linked to Witch Trial Judge Goes Unsold at Auction However, two medieval jewels surpassed estimates at Noonans Mayfair’s recent jewelry auction in London.
WatchesMar 27, 2025
Austin Butler Joins Breitling as Brand AmbassadorThe Oscar-nominated actor debuted in the campaign for the new “Top Time B31” collection, which introduced Breitling’s Caliber B31.
