Imagine the beauty & the emotional connection to your fine jewelry is supported by conflict-free, fair labor, and authenticity. Imagine that, one day, with a click on your cell-phone, you can trace from it’s inception to production, the history or the past ownerships. One of the biggest challenges of fine jewelry, specifically the diamond industry, is the convincing fakes, the swags, and the misleading claims.
Resolving these issues requires the integration of innovative solutions into the trade such as Blockchain Technology. The transparency and the verification systems provided by this technology corroborate trust and significantly reduce fraud in the insurance realm or counterfeits. By creating immutable records to track and protect the valuable goods through Blockchain Technology, manufacturers and brands set the seal on the authenticity & ethical trade. Ultimately creating a progressive world where everyone is a winner.
The disruptive technology promotes socially fair transactions, prevents compromising reputation, and establishes personal connections between the customer and the brand. The industry is warming up, leveraging Blockchain Technology to generate value for its customers and reduce costs. One of the technology companies offering solutions underpinned with Blockchain Technology for the diamond industry is Everledger. A global start-up creating thumbprints across the supply chain pipeline to protect the ownership, authenticity, reputations, and challenges that bear a high cost for the owners, insurers, and all parties involved.
Industry leaders such as Debeers are also investing in new platforms supported by Blockchain Technology to create a highly secure database to record the activities throughout the supply chain while ensuring that the sensitive data will remain between parties involved in the transaction. Thanks to Blockchain Technology, the ownership joy of DeBeers refined collections is vastly expanded.
Reign Sapphire Corp., is another custom and branded jewelry company, that is incorporating Blockchain Technology to authenticate sapphires as a conflict-free and accepts Bitcoin as payment via Bitpay on reignsapphires.com. They offer Australian sapphires, designed in Beverly Hills with chic and modern aesthetics appealing to millennials.