The Hong Kong-based jewelry retailer, Chow Tai Fook Jewelery Group, will begin using a blockchain platform to trace diamonds, the South China Morning Post reported on September 12th.
Chow Tai Fook reported that he put some of his diamonds on a blockchain platform developed by the startup blockchain Everledger and protected by the IBM Blockchain Platform. Reportedly, the retailer's customers will be able to ascertain the origin and authenticity of the stones sold in T Mark branded stores, using the T Mark app.
The T mark was an initiative launched by the company in August of last year, which assigns a series of serial numbers to certain stones so that their provenance and chronology of transactions can be more easily authenticated.
Currently, the company has announced the initiative for 3,000 T Mark diamonds in four of its stores, and plans to extend up to 10,000 stones in 10 stores. Kent Wong, the CEO of the distributor group, emphasized the importance of customer awareness in the entire diamond cycle:
"This initiative not only makes it easier for consumers to manage the own resources in a convenient and efficient way, it is a long-term and invaluable investment that enriches consumers' knowledge of their diamonds. "
Chow Tai Fook follows the practice of other global leaders in the jewelry industry who have used blockchain technology to track their products. World diamond giant De Beers announced in May that it traced 100 high-value diamonds from the mine to the retailer using its platform powered by Trac blockchain.
The effort, which De Beers claimed was a first in the industry, was undertaken to improve consumer confidence and public confidence that diamonds were not in conflict, as well as increasing chain efficiency of supply.
In April, major gold and diamond manufacturers and suppliers worked with IBM to develop a blockchain network to trace the origin of finished jewelery pieces. The TrustChain initiative is designed to track and authenticate diamonds and precious metals from their place of origin to their sales position.