Worries on ethics, counterfeits and transparency were the most unusual but formidable dents that the diamond industry often struggled with thanks to all the complexity, environmental and traceability issues, paper or manual processes, theft and fraud ($250 billion a year for counterfeits and $2.5 billion a year for insurers).
But from Bruce Cleaver, CEO of De Beers who is looking for an additional layer of assurance; to players like Fura Gems, Helzberg Diamonds, LeachGarner etc. that are now betting big on Blockchain; the industry is finally tapping the innate shine of transparency and traceability that this innovative ledger allows.
De Beers Group, after a successful POC, is apparently pioneering an industry collaboration for the first diamond blockchain aimed at building a permanent record for each registered diamond (link).
Looks like tracking valuable assets throughout their lifetime journey helps to not just protect them but also enable digital incarnations for better authenticity ( Everledger has already corralled 2 Million Diamonds).
With IBM’s Trustchain and other POCs from big brands underway, diamonds are surely getting a new sheen from an unexpected hand.[Read more]