Hong Kong Jewelry Retailer to Use Blockchain Platform for Tracking Diamonds | Crypto
Hong Kong-based jewelry retailer Chow Tai Fook Jewellery Group will start to use a blockchain platform to track diamonds, the South China Morning Post reported September 12.
Chow Tai Fook has reportedly put some of its diamonds on a blockchain platform developed by blockchain startup Everledger and secured by the IBM Blockchain Platform. This will reportedly enable the retailer’s customers to ascertain the origin and authenticity of stones sold in its T Mark-branded stores, using a T Mark app.
The T Mark was an initiative started by the company in August of last year, which assigns a series of serial numbers to certain stones so that their provenance and transaction history can be more easily authenticated.
Currently, the company has reportedly rolled out the initiative for 3,000 T Mark diamonds in four of its stores, and plans to extend it up to 10,000 stones in 10 stores. Kent Wong, the retailer’s group managing director, outlined the importance of customer awareness to the entire cycle of diamonds:
“Not only does this initiative make it easier for consumers to manage their assets conveniently and efficiently, it is a long-term and invaluable investment that enriches consumers’ knowledge of their diamonds.”
Chow Tai Fook follows the practice of other world leaders in the jewelry industry who have employed blockchain technology to track their products. Global diamond giant De Beers announced in May that it tracked 100 high-value diamonds from the mine to the retailer using its blockchain-powered platform Tracr.
The effort, which De Beers claimed was an industry first, was reportedly undertaken to enhance consumer confidence and public trust that the diamonds were non-conflict, in addition to increasing efficiency in the supply chain.
In April, major gold and diamond industry manufacturers and suppliers partnered with IBM to develop a blockchain network for tracing the origin of finished pieces of jewelry. The TrustChain initiative was designed to track and authenticate diamonds and precious metals from their place of origin to their retail location.