IndependentsMay 21, 2024
State of Retail: 4 Retail Design Trends for 2024From lighter color palettes to the integration of AR, experts offer inspiration for jewelers in need of an aesthetic refresh.
SourcingJan 10, 2018
Gübelin Working to Create Blockchain for Colored Stones
The lab is partnering with Everledger to develop technology to trace stones from mine to market.
Gübelin Gem Lab is partnering with Everledger to create a blockchain technology that can track any and all gemstones from mine to market.
Lucerne, Switzerland--In an effort to create more transparency, Gübelin Gem Lab is partnering with a technology company to create a blockchain for colored stones.
The lab announced Tuesday it is working with emerging tech company Everledger to develop the program that will trace gemstones from mine to market, which it calls the first in the world of its kind.
The project comes as part of the lab’s Provenance Proof initiative, a long-term program designed to develop and provide technologies to the gemstone industry to make it more transparent.
“We have a deep belief that the level of transparency we have in the gemstone industry is not fit to fulfill the requirements that today’s critical consumers have,” Gübelin Gem Lab Managing Director Daniel Nyfeler told National Jeweler Tuesday.
“We as a gem lab believe that we have a certain credibility or at least some kind of tech savviness that puts us in quite a good position to develop technologies that can help achieve the goal of transparency.”
That already includes its “Emerald Paternity Test” and now, the creation of the blockchain.
A blockchain is a digital, decentralized ledger of transactions, which constantly grows as completed “blocks” are recorded.
Blockchain technology is secured using cryptography, which means that no one can tamper with the data once it has been recorded, and because the data is stored across its network, it eliminates the risk that comes with holding data centrally.
Everledger--which has experience building blockchain technologies for high-value goods, including diamonds--will design and build the required technical backbone for Gübelin’s Provenance Proof Blockchain.
The technology will engage any and all parties involved in the lifecycle of a gemstone. It can be applied to every colored stone.
The blockchain Everledger is building, expected to launch within the next six months, is a “digital look book,” Nyfeler said, with each gemstone having its own log of information.
RELATED CONTENT: Analysis: The State of the Colored Stone MarketIt will aim to track a stone as early in the supply chain as possible and will build a record of each individual rough gemstone. The owner or custodian of the stone is then entitled to contribute certain information to the “look book”--as well as see certain formation--through to, and including, the end consumer.
“Overall, you get a kind of complete history of that stone,” Nyfeler said.
They are designing it to be easy to use on the front end.
Nyfeler said
they are building their technology based on smartphones (as they’re early in the development process, they are still working to figure out, beyond that, what form the tech will take). A blockchain for a gemstone will be started by entering simple data, such as its weight or a picture of the stone.
When asked about possible barriers for use for artisanal miners, he said the cost to use the blockchain technology is very small: “It’s indeed something that should function with the guy who is sitting in the small-scale mining, as long as he has a smartphone and is willing to give transparency on what he’s doing.”
While it is designed to give supply chain transparency, it wouldn’t be able to stop someone from swapping a mined stone for a synthetic or treated stone somewhere along the way.
“But the good thing is that once it gets detected, you can basically trace it back and most likely find the place where something went wrong,” Nyfeler said. “That’s due to the fact that the blocks are immutable.”
This is also why the lab believes that the blockchain paired with the emerald paternity test provides an “extremely powerful package.”
“The combination of something physical with something digital, we believe, really takes a step forward in our overall attempt to bring more transparency to our industry.”
The paternity test, launched at Baselworld 2017, makes emeralds completely traceable by applying DNA-based nanoparticles directly onto the rough crystals at mining sites.
The lab wants to expand the technology, or something similar to it, to all gems.
Nyfeler said the current type of nanoparticles they use on the emeralds can also now be applied to pearls and Paraiba tourmaline.
The lab is developing other solutions, likely also based on nanoparticles, for rubies and sapphires, though they are only at the lab trial stage for those now.
“We want to develop the technologies that, again, is something physical, that we add to the stone or write in the stone, something that is invisible and that becomes part of the stone and can be retrieved or read at any late stage.”
Since the investment required by anyone interested in the paternity test is quite large, Nyfeler said the lab also is partnering with a consultancy company in the artisanal mining sector on a project to see how the technology can be applied in such an environment.
When asked about possible barriers for use for artisanal miners, he said the cost to use the blockchain technology is very small: “It’s indeed something that should function with the guy who is sitting in the small-scale mining, as long as he has a smartphone and is willing to give transparency on what he’s doing.”
While it is designed to give supply chain transparency, it wouldn’t be able to stop someone from swapping a mined stone for a synthetic or treated stone somewhere along the way.
“But the good thing is that once it gets detected, you can basically trace it back and most likely find the place where something went wrong,” Nyfeler said. “That’s due to the fact that the blocks are immutable.”
This is also why the lab believes that the blockchain paired with the emerald paternity test provides an “extremely powerful package.”
“The combination of something physical with something digital, we believe, really takes a step forward in our overall attempt to bring more transparency to our industry.”
The paternity test, launched at Baselworld 2017, makes emeralds completely traceable by applying DNA-based nanoparticles directly onto the rough crystals at mining sites.
The lab wants to expand the technology, or something similar to it, to all gems.
Nyfeler said the current type of nanoparticles they use on the emeralds can also now be applied to pearls and Paraiba tourmaline.
The lab is developing other solutions, likely also based on nanoparticles, for rubies and sapphires, though they are only at the lab trial stage for those now.
“We want to develop the technologies that, again, is something physical, that we add to the stone or write in the stone, something that is invisible and that becomes part of the stone and can be retrieved or read at any late stage.”
Since the investment required by anyone interested in the paternity test is quite large, Nyfeler said the lab also is partnering with a consultancy company in the artisanal mining sector on a project to see how the technology can be applied in such an environment.
More on Sourcing
The Latest
AuctionsMay 21, 2024
Dame Shirley Bassey’s Diamonds Are Ready for Their EncoreSotheby’s will auction jewelry belonging to the “Diamonds Are Forever” singer in Paris this October.
ColumnistsMay 21, 2024
Successful Vendor Relationships: A Win-Win ApproachSherry Smith shares tips for fostering successful vendor-retailer partnerships, from marketing investment to fast-seller replenishment.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionGIA®’s most advanced microscope has new features to optimize greater precision and comfort.
IndependentsMay 21, 2024
Jennifer Herold Promoted to VP at IJOHerold has been with the organization for 22 years and will continue in her current role of conference director.
Weekly QuizMay 16, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
MajorsMay 20, 2024
Studs Opens Luxury Piercing Pop-Up in NYC“Fancy Studs” will feature revamped branding and a new lab-grown diamond fine jewelry collection.
MajorsMay 20, 2024
Stuller Issues New Packaging & Display CatalogThe 2024-2025 edition features new colors and styles, as well as storytelling elements.
Brought to you by
Record Gold Prices Have Consumers Undeterred. Here’s Why.Despite the rising prices, consumers continue to seek out the precious metal.
SourcingMay 20, 2024
Anglo American Confirms It Is Looking to Sell De Beers The mining giant also wants to offload its platinum business as part of an overhaul designed to “unlock significant value.”
FinancialsMay 17, 2024
Richemont Appoints Van Cleef & Arpels’ Nicolas Bos as New CEOThe announcement coincided with its full-year results, with growth driven by its jewelry brands.
FinancialsMay 17, 2024
Watches of Switzerland’s Fiscal-Year Sales Flat Looking ahead, the retailer said it sees “enormous potential” in Roberto Coin’s ability to boost its branded jewelry business.
Recorded WebinarsMay 17, 2024
Watch: Preparing for Trade Show SuccessJewelry trade show veterans share strategies for engaging buyers, managing your time effectively, and packing the right shoes.
AuctionsMay 17, 2024
Piece of the Week: Cartier’s Ring-Tailed LemurThis little guy’s name is Ricky and he just sold for more than $200,000 at Sotheby’s Geneva jewelry auction.
AuctionsMay 16, 2024
Christie’s Holds 2 Sales Despite CyberattackThough its website has been down for a week, Christie’s proceeded with its jewelry and watch auctions on May 13-14, bringing in nearly $80 million.
AuctionsMay 16, 2024
Sotheby’s Withdraws 101-Carat Yellow Diamond from AuctionDespite the absence of “The Allnatt,” Sotheby’s Geneva jewelry auction totaled $34 million, with 90 percent of lots sold.
ColumnistsMay 16, 2024
The PR Adviser: What the Designer Should’ve DoneLilian Raji gives advice to designers on how to make the most of great publicity opportunities.
SourcingMay 16, 2024
Lucapa to Shed Stake in Lesotho Diamond Mine The mining company wants to divest its 70 percent holding in the Mothae Diamond Mine in an effort to streamline its portfolio.
ColumnistsMay 15, 2024
Squirrel Spotting: Why Retailers Struggle to Fire BrandsWhy do so many jewelers keep lines that are not selling? Peter Smith thinks the answer lies in these two behavioral principles.
AuctionsMay 15, 2024
Red Diamond Breaks Records at Phillips GenevaThe “Argyle Phoenix” sold for more than $4 million at the auction house’s second jewels sale.
Events & AwardsMay 15, 2024
See Who’s in JA’s 2024 ‘20 Under 40’ ClassThe annual list recognizes young professionals making an impact in jewelry retail.
IndependentsMay 15, 2024
David Mann Jewelers in Upstate NY to Close After 35 YearsOwner David Mann is heading into retirement.
FinancialsMay 15, 2024
Brilliant Earth’s Sales Fall Flat in Q1 While overall sales were sluggish, the retailer said its non-bridal fine jewelry was a popular choice for Valentine’s Day.
AuctionsMay 14, 2024
2 Huge Yellow Diamonds Are Heading to AuctionChristie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
MajorsMay 14, 2024
Platinum Born Taps ‘Born Leaders’ for New CampaignThe ad aims to position platinum jewelry as ideal for everyday wear.
GradingMay 14, 2024
Instappraise Adds Trifold Brochure to Appraisal OfferingsRetailers can customize and print the appraisal brochures from their store.
Lab-GrownMay 13, 2024
Lab-Grown Diamond Brand Lightbox Cuts Prices by 25 to 40%The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
TechnologyMay 13, 2024
Christie’s Website Brought Down by Hackers, Watch Auction Postponed The site has been down since Thursday evening, just ahead of its spring auctions.
