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.
Gübelin, Everledger to Roll Out Blockchain for Gems in 2019
It will be free and open to all who are interested, beginning at the Tucson gem shows.
Gübelin first announced the blockchain project in January as part of its Provenance Proof initiative, created to establish solutions and services for transparency along the global supply chain.
The Provenance Proof Blockchain is designed to keep tabs on colored gemstones as they travel along the supply chain.
Tracking the stones begins at the mine, and then each transaction adds an entry to the blockchain, resulting in a record that tracks the stone’s journey all the way to the end user.
Every transaction can be recorded with a smartphone to allow all sectors of the industry to utilize it.
To test the system in its pilot phase, Gübelin and Everledger established “a simplified supply chain consisting of high-profile pilot partners,” including a major emerald mining company, a cutting factory and global jewelry brands, though specifics on which companies were involved was not available by press time.
During that phase, the stakeholders tested its functionality, user-friendliness and security.
The pilot testing is scheduled to be completed by the fourth quarter. Global rollout and onboarding will begin during the Tucson gem shows in February 2019.
The blockchain is open for full use to anyone in the industry who is interested, and Gübelin noted it is meant to be used independently of the lab or Everledger. To ensure it will provide the best solution to the industry autonomously, further development and maintenance of the blockchain will be entrusted to an advisory board; details of who will serve on the board were not available by press time.
Gübelin also said there are no fees involved in using the blockchain, as contributing and accessing the data is free of charge.
The Provenance Proof blockchain will allow for visibility up the value chain (toward the mine), meaning the entity that has the stone in its ownership or custody will be able to see the identity and location of all involved prior to that point in time.
However, it won’t allow for downstream visibility (toward the consumer), meaning users within a blockchain won’t be able to see the identity and location of those involved after the stone leaves their custody.
Gübelin and Everledger said that due to the blockchain’s “resounding success,” they will continue to partner beyond the first phase to develop additional functionalities to the technology past next year. For example, since some users may have specific requirements for their business, like integration into their database or evaluation tools, add-ons built for the needs of specific users will be developed.
For additional information about or registration for the Provenance Proof Blockchain, interested parties can reach out via the Provenance Proof website.
The Latest
The site has been down since Thursday evening, just ahead of its spring auctions.
The late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
Despite the rising prices, consumers continue to seek out the precious metal.
Three fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
Kimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
As a token of womanhood, this necklace depicts when Venus was born from the sea.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
Show your mother some love with a piece of fine jewelry.
The company’s Easton location will remain open.
Brian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.
Sponsored by the Las Vegas Antique Jewelry and Watch Show
Tobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
Stars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.
The branded jewelry market is thriving, said Richemont Chairman Johann Rupert.
The six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
The highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
The “Venetian Link” series modernizes the classic Veneziana box chain in its bracelets and necklaces.
The Seymour & Evelyn Holtzman Bench Scholarship will provide tuition assistance to two low-income students.
The Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.
The Indian jeweler’s new store in Naperville, Illinois marks its 350th location, part of its ongoing global expansion plans.
It will award a graduating high school student with about $10,000 toward a GIA diploma and an internship with the Seattle-based jeweler.
Wheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
PGI partnered with four new and seven returning designers for its annual platinum capsule collection.