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.
SourcingSep 10, 2018
Gübelin, Everledger to Roll Out Blockchain for Gems in 2019
It will be free and open to all who are interested, beginning at the Tucson gem shows.
The blockchain developed in partnership by Everledger and Gübelin Gem Lab tracks colored gemstones through the supply chain, beginning at the mine all the way through to the consumer.
Lucerne, Switzerland—The blockchain for gemstones developed by Gübelin Gem Lab and technology company Everledger soon will be available industry-wide.
Gübelin first announced the blockchain project in January as part of its Provenance Proof initiative, created to establish solutions and services for transparency along the global supply chain.
The Provenance Proof Blockchain is designed to keep tabs on colored gemstones as they travel along the supply chain.
Tracking the stones begins at the mine, and then each transaction adds an entry to the blockchain, resulting in a record that tracks the stone’s journey all the way to the end user.
Every transaction can be recorded with a smartphone to allow all sectors of the industry to utilize it.
To test the system in its pilot phase, Gübelin and Everledger established “a simplified supply chain consisting of high-profile pilot partners,” including a major emerald mining company, a cutting factory and global jewelry brands, though specifics on which companies were involved was not available by press time.
During that phase, the stakeholders tested its functionality, user-friendliness and security.
The pilot testing is scheduled to be completed by the fourth quarter. Global rollout and onboarding will begin during the Tucson gem shows in February 2019.
The blockchain is open for full use to anyone in the industry who is interested, and Gübelin noted it is meant to be used independently of the lab or Everledger. To ensure it will provide the best solution to the industry autonomously, further development and maintenance of the blockchain will be entrusted to an advisory board; details of who will serve on the board were not available by press time.
Gübelin also said there are no fees involved in using the blockchain, as contributing and accessing the data is free of charge.
The Provenance Proof blockchain will allow for visibility up the value chain (toward the mine), meaning the entity that has the stone in its ownership or custody will be able to see the identity and location of all involved prior to that point in time.
However, it won’t allow for downstream visibility (toward the consumer), meaning users within a blockchain won’t be able to see the identity and location of those involved after the stone leaves their custody.
Gübelin and Everledger said that due to the blockchain’s “resounding success,” they will continue to partner beyond the first phase to develop additional functionalities to the technology past next year. For example, since some users may have specific requirements for their business, like integration into their database or evaluation tools, add-ons built for the needs of specific users will be developed.
For additional information about or registration for the Provenance Proof Blockchain, interested parties can reach out via the Provenance Proof website.
Gübelin first announced the blockchain project in January as part of its Provenance Proof initiative, created to establish solutions and services for transparency along the global supply chain.
The Provenance Proof Blockchain is designed to keep tabs on colored gemstones as they travel along the supply chain.
Tracking the stones begins at the mine, and then each transaction adds an entry to the blockchain, resulting in a record that tracks the stone’s journey all the way to the end user.
Every transaction can be recorded with a smartphone to allow all sectors of the industry to utilize it.
To test the system in its pilot phase, Gübelin and Everledger established “a simplified supply chain consisting of high-profile pilot partners,” including a major emerald mining company, a cutting factory and global jewelry brands, though specifics on which companies were involved was not available by press time.
During that phase, the stakeholders tested its functionality, user-friendliness and security.
The pilot testing is scheduled to be completed by the fourth quarter. Global rollout and onboarding will begin during the Tucson gem shows in February 2019.
The blockchain is open for full use to anyone in the industry who is interested, and Gübelin noted it is meant to be used independently of the lab or Everledger. To ensure it will provide the best solution to the industry autonomously, further development and maintenance of the blockchain will be entrusted to an advisory board; details of who will serve on the board were not available by press time.
Gübelin also said there are no fees involved in using the blockchain, as contributing and accessing the data is free of charge.
The Provenance Proof blockchain will allow for visibility up the value chain (toward the mine), meaning the entity that has the stone in its ownership or custody will be able to see the identity and location of all involved prior to that point in time.
However, it won’t allow for downstream visibility (toward the consumer), meaning users within a blockchain won’t be able to see the identity and location of those involved after the stone leaves their custody.
Gübelin and Everledger said that due to the blockchain’s “resounding success,” they will continue to partner beyond the first phase to develop additional functionalities to the technology past next year. For example, since some users may have specific requirements for their business, like integration into their database or evaluation tools, add-ons built for the needs of specific users will be developed.
For additional information about or registration for the Provenance Proof Blockchain, interested parties can reach out via the Provenance Proof website.
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.
