Exceptional Carat, an American company that aids customers in getting reliable diamond rings, has partnered with blockchain company Everledger to launch a products that will hold a observe of a diamond’s price tag, quality and origin.
The new products, recognized as Exceptional Caret Report, is totally free and can be made use of equally offline and on line. In the official press launch, Exceptional Carat described that customers will only have to have to enter the GIA (Gemological Institute of The us) amount of a diamond in get to make a final decision. Information this sort of as price tag, offer comparison, colour, clarity and historical past will be presented to the customers. Exceptional Carat’s gemologists will also provide genuine reviews.
Everledger’s groundbreaking function with its blockchain-enabled platform will deliver info on the diamond’s provenance, fulfilling a crucial customer need.
Launched in 2015, Everledger secures and documents higher-benefit belongings in a global electronic ledger. The company is a graduate of the Barclays Accelerator 2015 and has successfully tracked 1,000,000 diamonds.
“By enabling increased transparency with electronic provenance monitoring, buyers are capable to have assurance in the authenticity and responsible production of the diamond that they purchase,” said Leanne Kemp, Founder & CEO of Everledger, “With this, the diamond’s benefit is also guarded and buyers can straight profit from our emerging engineering alternative.”
Blockchain to Disrupt the Diamond Market?
Previously this yr, Signet Jewelers, the premier diamond retailer in the environment, declared that it was becoming a member of the blockchain program Tracr. Tracr is a diamond traceability platform that was developed by internationally acknowledged diamond company De Beers Group.
Contrary to Exceptional Caret Report, Tracr plans to trace the origin of diamonds on a blockchain ledger even though making sure that they are not staying mined by slaves in Africa. The pilot was launched in January 2018 – De Beers Group declared in May that they experienced successfully tracked 100 diamonds from origin to retail. The Tracr platform will turn into fully accessible toward the stop of this yr.
In 2016, Dubai’s Blockchain Council also met up with Kimberley System (KP), an firm that focuses on cutting down the trade of conflict diamonds, in get to setup a transparent platform to observe diamonds in the UAE.
As verified by these initiatives, applying blockchain engineering in the diamond business creates have confidence in in potential buyers and sellers. It also makes sure that fraudulent activities this sort of as falsifying certificates and offering pretend or blood diamonds are greatly reduced.
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