Diamonds are forever and to make sure you have the right thing, De Beers (the world's biggest diamond producer), is turning to blockchain technology to track the gems from mine to owner. Not just once either. Each time the shiny rocks change hands they will be tracked to make sure the diamonds are not from war zones or terrorist camps (or other bad guys). Blockchain will allow the verification and authenticity of diamonds for the whole industry. Just one more application of how technology is changing the way the world does business.
(Bill Taylor/CEO)
"The jeweller aims to launch the first industry-wide blockchain this year to track gems each time they change hands starting from the moment they are dug from the ground.
LONDON, United Kingdom
— Anglo American's diamond unit De Beers aims to launch the first industry-wide blockchain this year to track gems each time they change hands starting from the moment they are dug from the ground, its chief executive said on Tuesday.De Beers, the world's biggest diamond producer by the value of its gems, has led industry efforts to verify the authenticity of diamonds and ensure they are not from conflict zones where gems could be used to finance violence.
For De Beers, cast-iron guarantees its stones are ethically sourced are vital to maintaining consumer confidence. It sells technology across the industry to help prevent anyone trying to pass off synthetic stones as natural.
The firm also works with the rest of the industry and governments to support the Kimberley Process set up in 2003 to increase transparency and eliminate trade in conflict diamonds.
The firm says blockchain, the technology underpinning cryptocurrencies such as bitcoin, complements its existing methods. It offers a secure way to track diamonds and can provide a digital record they are conflict-free, it says..."
Full Story at Businessoffashion.com