One of Hong Kong’s leading jewelry chains, Chow Tai Fook, has announced that customers will now be able to see their diamonds’ origins and quality using a blockchain powered app.
The world-renowned Gemological Institute of America (GIA), grades the diamonds for sale at T Mark-branded stores. These GIA certificates will form the backbone of the blockchain information.
The tracking solution, developed by Everledger on the IBM Blockchain Platform, will mean shoppers can use an app to access the diamonds’ digitized certificate of authenticity and supply chain journey.
Younger shoppers caused this change. Alan Chan, Chow Tai Fook Jewellery Group’s general manager of group branding, told the South China Morning Post: “Nowadays, young consumers often show interest in the entire cycle of diamonds, and therefore there is a growing importance for jewellers to help ascertain the origin and authenticity of gemstones by leveraging modern technology.”
This represents just the first step for the jewelry store. They plan to allow shoppers access to a blockchain record of any gem they buy from the company.
However, for the time being, the rollout will be steady. The first phase will include only four stores in Hong Kong. But, coverage will eventually expand to 10 stores with the number of diamond reports increasing from 3,000 to 10,000.
Kent Wong, the retailer’s group managing director added: “it is a long-term and invaluable investment that enriches consumers’ knowledge of their diamonds.”
Recently a startup with an ICO used the retailer’s band and allegedly claimed that the cryptocurrency could be exchanged for Chow Tai Fook gold commodities. The jewelry company was forced to issue a denial.
Other diamond provenance blockchains
Everledger was the first major diamond provenance project but there are now several others. De Beers announced its initiative at the start of the year. Later on, IBM announced its TrustChain gem provenance platform. And last month Zhong An announced a mainland China diamond provenance platform called DiamsLedger.