To better keep track of diamonds and jewels from mines to retailers, an Australian company has announced an upgrade to its blockchain technology.
According to Jeweller Magazine, Everledger has enhanced its blockchain system to ensure transparency in the gemstones and jewelry industry.
Everledger was founded by Australian entrepreneur Leanne Kemp, who explained that its mission in the precious gemstones industry is “to contribute greater clarity and confidence in the marketplaces where increased transparency is essential.” The company’s system was created to maintain a secure record of diamond and gemstone sales and allow for the supply chain of such stones to be monitored and assessed by both sellers and buyers.
So far this year, the company has assisted Spanish jewelry maker Facet to create a jewelry collection that can be traced using blockchain and London jeweler Taylor & Hart to put out the world’s first-ever blockchain engagement ring.
Everledger has received positive feedback from the industry. The Gemological Association of America has embraced the company’s solution, alongside the Singapore Diamond Investment Exchange, Chow Tai Fook, Dharmananda Diamonds, Sheetal Group, and ethical jeweler Brilliant Earth. Moyo Gemstones and Gübelin Gem Lab employed the technology for a project in Tanzania aimed at protecting artisanal miners.
After announcing the upgraded platform, the company secured US$20 million in a Series A fundraising round led by China’s Tencent. James Mitchell, Chief Strategy Officer for Tencent, remarked that “Blockchain traceability is not only appealing to consumers, but also reduces risks for jewelry businesses.”
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