This Free Device Helps Test Your Diamond’s Provenance on a Blockchain

Uncommon Carat, an American firm that helps customers to find genuine diamond rings, has partnered with blockchain agency Everledger to launch a product that can preserve a observe of a diamond’s value, high quality and origin.

The brand new product, often called Uncommon Caret Report, is totally free and can be utilized each offline and on-line. Within the official press launch, Uncommon Carat defined that customers will solely have to enter the GIA (Gemological Institute of America) variety of a diamond with a view to decide. Particulars corresponding to value, deal comparability, colour, readability and historical past will likely be supplied to the customers. Uncommon Carat’s gemologists may also provide sincere opinions.

Everledger’s pioneering work with its blockchain-enabled platform will present info on the diamond’s provenance, fulfilling a key client demand.

Based in 2015, Everledger secures and data high-value belongings in a world digital ledger. The corporate is a graduate of the Barclays Accelerator 2015 and has efficiently tracked 1,000,000 diamonds.

“By enabling higher transparency with digital provenance monitoring, shoppers are in a position to trust within the authenticity and accountable manufacturing of the diamond that they buy,” mentioned Leanne Kemp, Founder & CEO of Everledger, “With this, the diamond’s worth can be protected and shoppers can immediately profit from our rising expertise answer.”

Blockchain to Disrupt the Diamond Business?

Earlier this yr, Signet Jewelers, the biggest diamond retailer on the planet, introduced that it was becoming a member of the blockchain program Tracr. Tracr is a diamond traceability platform that was developed by internationally acknowledged diamond firm De Beers Group.

Not like Uncommon Caret Report, Tracr plans to hint the origin of diamonds on a blockchain ledger whereas guaranteeing that they aren’t being mined by slaves in Africa. The pilot was launched in January 2018 – De Beers Group introduced in Might that that they had efficiently tracked 100 diamonds from origin to retail. The Tracr platform will turn out to be totally out there in direction of the top of this yr.

In 2016, Dubai’s Blockchain Council additionally met up with Kimberley Course of (KP), a company that focuses on decreasing the commerce of battle diamonds, with a view to setup a clear platform to trace diamonds within the UAE.

As confirmed by these initiatives, utilizing blockchain expertise within the diamond trade creates belief in consumers and sellers. It additionally ensures that fraudulent actions corresponding to falsifying certificates and promoting faux or blood diamonds are drastically decreased.

Featured picture from Shutterstock.

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