Everledger DLT, a supply chain company established in 2015 and powered by Hyperledger Fabric, collaborates with the Gemological Institute of America (GIA) and the nation's commerce brand JD.com to make sure fake diamonds are not sold to customers.
A distributed ledger technology supply chain, which can verify the quality of diamonds will be launched soon.
Most people buying diamonds have switched to shopping for it online, which makes it difficult for them to determine how authentic it is. This is because of the business activities that were restricted as a result of the pandemic. Of all gemstones sold online in China, millennials reportedly bought up to 68% compared to 45% globally.
Everledger evaluates gemstones through the Chinese e-commerce giant, JD chain by utilizing grading reports supplied by the GIA. Buyers get to know the details of these diamonds, such as, where it originated from, the color, the carat weight and those who possessed it before. Everledger says this method would enable fraud cases to be detected immediately and effectively by JD.com.
The largest diamond mining company globally, Russia's Alrose, collaborated with Tencent, the operator of WeChat, to enable its users to buy diamonds online in December 2019.
Other firms have also partnered with blockchain platforms to provide a means to solve DLT problems so buyers can shop for real and conflict-free diamonds online.
The mastermind behind the diamond engagement ring, De Beers group, declared two years ago that it was putting blockchain into consideration to make the transparency of the diamond value chain better. Chow Tai-frook, a significant retailer located in Hong Kong, also joined Everledger 2 years ago to maximize its T-mark sales. T-marks are traceable codes engraved on these gemstones to verify their origins.
Source: Cointelegraph
