Know the whole story of your diamond from mine-to-market using blockchain technology

Pink Geek's series - Blockchain technologies

Companies are paying close attention and implementing corporate social responsibility because consumers have more information at their fingertips, for jewelry brands the topic of sustainability is gaining popularity among the consumers. There is a rise in demand among prospective customers for ethically sourced materials with increased transparency on where and how materials to produce fine jewelry are being acquired. Some consumers are starting to research topics like if the stone they are about to purchase did not contribute to the harm of workers or the environmental impact from the mining process.

Efforts to combat conflict diamonds - diamonds mined by men, women and children in Sierra Leone by slave-like conditions in conflict zones controlled by forces opposed to legitimate and internationally recognized governments and used to fund military action in opposition to governments - have been around for more than 15 years with the Kimberley Process and the Responsible Jewelry Council. The Kimberley Process a joint government, industry and civil society initiative aims to stop the trade in conflict diamonds and ensures that diamond purchases were not funding violence through the the Kimberley Process Certification Scheme (KPCS), whereby members are required to certify that all rough diamond exports are produced through legitimate mining and sales activities and are "conflict-free." The Responsible Jewelry Council sets standards and issues certifications for the jewelry trade from mine-to-market.

To contribute to this traceability movement in fine jewelry, companies are integrating blockchain platforms to guarantee their traceability. In April of this year, De Beers launched a pilot program called GemFair to create a secure and transparent route to market for ethically-sourced artisanal and small-scale mined (ASM) diamonds. The De Beer’s software is designed to track a diamond’s journey at all stages. De Beers will provide qualified miners with a technology solution that comprises an app, a dedicated tablet, and a diamond ‘toolkit’ to allow the digital tracking of ASM diamonds throughout the supply chain. This technology is fit to work online and offline, due to the nature of the conditions of mining and can be charged through solar panels. The miner can have training on how to classify diamonds to gain a better understanding of the product being sold and will have the ability to QR code the diamond to simplify the selling process.

The second phase of the GemFair will be to integrate GemFair into the diamond industry blockchaing platform Da Beers is developing. This will permit the ASM sector to participate in the blockchain and providing an added layer of assurance for ASM production.

More info can be found at:
https://gemfair.com/

Other major players in the jewelry category are developing similar programs to ensure ethical sourcing and traceability of gemstones.

Case in point: blockchain will revolutionize the industry because you’ll be able to track stones from mine to market, in a very concrete way.

• Pink-Geek