Sourcing

Provenance Proof Blockchain Hits 500K Tracked Colored Gemstones

SourcingJul 22, 2021

Provenance Proof Blockchain Hits 500K Tracked Colored Gemstones

The platform, developed by Gübelin and Everledger, has also undergone a redesign.

Two years after launching their Provenance Proof Blockchain platform, Gübelin and Everledger report it has now tracked more than 500,000 colored gemstones.
Lucerne, Switzerland—More than two years after it became available industry-wide, Gübelin and Everledger’s Provenance Proof Blockchain platform has reached a major milestone.

The companies announced Thursday the blockchain platform has now processed more than 500,000 colored gemstones.

They said the tracked stones have comprised more than 50 types of gems from all around the world.

More than 500 organizations are now registered on the platform, from artisanal miners and cutters to jewelry brands, gem labs, and retailers, according to Gübelin and Everledger.

The Provenance Proof Blockchain is designed to keep track of colored gemstones as they travel along the supply chain.

It begins at the mine, and then each transaction adds an immutable entry to the blockchain, resulting in a record that tracks the stone’s journey all the way to the end user.

Data captured includes the gemstone’s characteristics, details of its origin, and the circumstances under which the gem was mined, treated, cut, and set.

Gübelin and Everledger announced during the 2019 Tucson gem shows that the platform was opening to the industry after development and a pilot program with Fura Gems. 

The two said environmental and social sustainability-minded retailers have driven the bulk of the platform’s industry adoption since then.

 Related stories will be right here … 

“Provenance Proof enables us to provide a level of transparency that had not previously been available in our industry. Their platform dispenses a friendly graphical user interface that effectively communicates each stone’s unique origin story,” Josef Gad of Assay Jewelers said in a statement. 

“This partnership has not only added value on the consumer front, but it has also increased our B2B network of other retailers in search of stones with provenance. We are thrilled to become a part of this mission to cultivate a more ethical and transparent gemstone industry.”

Concurrent with the news of a milestone is a redesign for the platform meant to better help retailers and consumers trace the history of a stone. 

It has given the platform an “an easy-view modular layout,” according to the press release, allowing for rapid access to a stone’s provenance story. 

Additionally, the platform now provides the option to print a document that can physically accompany a stone for proof of origin and transparency. 
Brecken Branstratoris the senior editor, gemstones at National Jeweler, covering sourcing, pricing and other developments in the colored stone sector.

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