Today the Aura Blockchain Consortium announced a deal with diamond technology firm Sarine Technologies to add its Diamond Journey traceability solution to its offerings. The luxury consortium was founded by LVMH, Prada Group, Richemont’s Cartier, and OTB Group. Jewelry brand Bulgari is one of the LVMH brands that uses the blockchain platform, as does Cartier.
There are two broad reasons why this sort of solution is useful to luxury brands. Firstly, it’s a key step in proving the gem’s authenticity, both for the company sourcing the diamonds and the end-user. In other words, it reduces fraud.
The second reason is to address ESG concerns about sourcing diamonds from conflict zones, so-called “blood diamonds”, and being able to demonstrate that to the consumer.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
