Connect with us

Press Releases

First Blockchain for Colored Gemstones – Provenance Proof Blockchain Enables Transparency for the Entire Gem and Jewelry Industry

It’s free of charge…

mm

Published

on

(PRESS RELEASE) Transparency is one of the hottest topics in the jewelry industry. At the AGTA Tucson gem show, the first colored gemstone blockchain has been launched, which will track the provenance of gemstones – every step along the supply chain. The Provenance Proof Blockchain is a truly inclusive solution, applicable to any type of gemstone and open to any stakeholder of the gemstone and jewelry community who is ready to embrace transparency, and free of charge.

Rooftop Burglars Take Everything from Jewelry Store
Headlines

Rooftop Burglars Take Everything from Jewelry Store

Video: No, I Won’t Help You Commit Fraud … But Thanks for Throwing Water in My Face
Cullen Wulf

Video: No, I Won’t Help You Commit Fraud … But Thanks for Throwing Water in My Face

Video: When Should a Jeweler Fire Someone?
Jimmy Degroot

Video: When Should a Jeweler Fire Someone?

Transparent supply chain

The innovative technology has been launched at the Tucson gem show and is now open to all stakeholders. The purpose of the Provenance Proof Blockchain is to provide the industry with a tool that enables the tracking of each step of a specific gemstone along the supply chain. A gemstone’s journey begins at the mine, which is where the Provenance Proof Blockchain ideally starts. Every transaction and hand-over adds an entry to the blockchain, resulting in a record, providing transparency into the complete journey of a gemstone, from the mine to the end consumer.

This ground-breaking blockchain project is part of the Provenance Proof initiative, a long-term program established by the Gübelin Gem Lab to create services and technologies enabling and promoting more transparency in the gemstone industry. The Provenance Proof Blockchain is suitable for any type of gemstone. It perfectly complements the Emerald Paternity Test, the first innovation under the Provenance Proof. This technology uses physical nanolabels, which are inserted in emeralds, so they can be traced back to the exact mine. A combination of both a physical tracer (Emerald Paternity Test) and digital ledger (Provenance Proof Blockchain), enables even more transparency.

Advertisement

Everledger, an emerging technology enterprise specialized in blockchain-based solutions for high-value assets, was entrusted with the task of building the system architecture, feature design and technological infrastructure for the Provenance Proof Blockchain. Together with the mining company Fura Gems the technological solution was developed and tested. Fura Gems is listed at the Canadian stock exchange and has contributed, as the mining pilot partner, significantly to the solution. To Fura Gems, fair mining respecting the environment and the people is essential as the company says: “Corporate Social Responsibility (CSR) is at the heart of our business.”

Easy, secure and inclusive

Diverging needs such as transparency and privacy are carefully balanced; visibility into the supply chain is restricted to the entity in ownership or custody of the gemstone, and only upstream, i.e. towards the mine. It is a simple and fast process that also allows very small players to use the Provenance Proof Blockchain in a lean and efficient way. All processes, including the registration and the upload of data, can be done with a smartphone. This ensures that the use of the Provenance Proof Blockchain is a truly inclusive solution, convenient for all types and sizes of stakeholders – artisanal miners, small-scale cooperatives, large companies, and any size of cutters and treaters, dealers, wholesalers, gem labs, manufacturers, jewelry brands, retailers, and end consumers.

Free of charge

There are no charges for the use of this blockchain solution. Both the data contribution and access are completely free of charge. Costs are born by the Gübelin family who is proud to make this contribution to foster transparency in the gemstone and jewelry industry in general.

Voices from the industry

The launch of the Provenance Platform Blockchain included a panel discussion with a focus on the impact of transparency and traceability in the colored gemstone industry. Among the panelists were: Raphael Gübelin, president of the House of Gübelin, Leanne Kemp, founder and CEO of Everledger, Rupak Sen, vice president marketing & sales of Fura Gems, as well as Patricia Syvrud, minerals, materials and society program development manager at the University of Delaware. They highlighted the importance of providing the industry with technologies and solutions to enable a new level of transparency, creating trust and confidence.

Raphael Gübelin states: “To our family company, it has always been essential to provide as much information as possible to the industry and the end consumer. Therefore, we have established the Provenance Proof Blockchain to promote transparency in the gemstone industry on a completely new level. We invite every stakeholder who embraces transparency to participate.”

Advertisement

Leanne Kemp, founder and CEO of Everledger says, “Our pioneering work in digital provenance aims to drive transparency and trust to advance industries. We are proud to officially launch the Provenance Proof Blockchain to enable next-generation verification standards in the colored gemstones industry. This world-first joint solution will provide consumers the confidence they deserve through true supply chain transparency. In today’s connected world, business ecosystems are demanding more adaptability and designed to quickly respond to evolving consumer patterns and preferences as well as the competitive landscape. Forward-looking companies that can capitalize on the potential power of ecosystems will reap enormous benefits and be better positioned for an uncertain future.”

Dev Shetty, president and CEO of Fura Gems, explains: “We firmly believe that this technology will raise best practices in the colored gemstone industry and serve the entire supply chain by educating consumers, promoting transparency and providing a platform from which producers can demonstrate their commitment to preserving the environment and contributing to local communities through education, training, and employment opportunities. Fura Gems is committed to setting a new precedent for best practices among the colored gemstone industry and we are proud to have supported this project from its initiation.”

Any professional stakeholder along the entire value chain is now invited to register and start using the Provenance Proof Blockchain. All information about the registration, the use of the system and much more information can be found on www.provenanceproof.io

Advertisement

SPONSORED VIDEO

Gene the Jeweler

When Gene the Jeweler Speaks, His Employees Listen

In this episode of Jimmy DeGroot’s Gene the Jeweler series, Gene has a simple request for his employees. The good news is that they follow his instructions. The bad news is that they follow a bit too literally.

Promoted Headlines

Press Releases

Stuller Now Certified Member of Responsible Jewelry Council

mm

Published

on

(PRESS RELEASE) LAFAYETTE, LA – Prime manufacturer, Stuller, announces that it is now a certified member of the Responsible Jewelry Council (RJC), the foremost standard setting and certification organization for the jewelry industry.

“Ethical sourcing, supply chain transparency, workplace safety and other similar issues, are of increasing concern to more and more consumers and businesses,” says Stanley Zale, vice president of diamond and gemstone procurement. “The RJC Code of Practices helps the jewelry industry meet these challenges, and we knew we needed to be a part of it.”

RJC Executive Director Iris Van der Veken said, “It is with great pleasure to announce that Stuller has achieved certification against the RJC Code of Practices. We are proud that our membership continues to reflect companies of all sizes from across the supply chain. We commend their commitment to responsible business practices and the positive impact this has on the jewelry industry.”

“Stuller is committed to responsible jewelry practices,” says founder and CEO Matt Stuller. “When joining the RJC in 2016 our ultimate goal was to show our unwavering commitment to our customers and employees. It is truly an honor to be a part of such an important organization in this industry.”

Continue Reading

Press Releases

Bharat Diamond Bourse Announces 2019 Bharat Diamond Week

It will be on October 14-16, 2019.

mm

Published

on

(PRESS RELEASE) MUMBAI, INDIA – Bharat Diamond Bourse (BDB) in Mumbai, India, has announced to host the 2019 edition of its Bharat Diamond Week from October 14-16, 2019. Thus, BDB will be building on the huge success of the two Bharat Diamond Week events held in 2018.

The second edition of 2018 saw more than 1,000 visitors from India and across the world who did business with 125 Indian exhibitors of polished diamonds.

Podcast: When Is It Time to Let an Underperforming Employee Go?
JimmyCast

Podcast: When Is It Time to Let an Underperforming Employee Go?

Podcast: This Advertising Copywriter’s Last Minute Pitch Changed <em><noscript><img src=
Over the Counter

Podcast: This Advertising Copywriter’s Last Minute Pitch Changed Everything

Podcast: Millennial Gem Trader Dave Bindra Steps Into ‘The Barb Wire’
The Barb Wire

Podcast: Millennial Gem Trader Dave Bindra Steps Into ‘The Barb Wire’

Bharat Diamond Bourse Vice-President Mehul Shah, who heads the Bharat Diamond Week, said: “We are looking forward towards the launch of 2019 edition of the Bharat Diamond Week, 14 to 16 October. BDW invites buyers across the globe as well as within India. Selected buyers will be allotted complimentary hotel accommodation. Members of Bourses affiliated to WFDB will be always at a priority. This is also an inter-bourse show which proved to be such a successful concept last year. We are building on those first two shows to take it to the next level with higher numbers of exhibitors and many more buyers. As with the 2018 shows, we want to create maximum coverage for our small and medium-size companies.”

Above all the guest of honor to BDW 2019 is the vice president of WFDB and president of Shanghai Diamond Exchange Lin Qiang with the Members of SDE.

BDB President Anoop Mehta said: “The inaugural shows and the high level of demand from visitors and exhibitors alike showed that we had to stage a show in 2019. The exhibitors will again be treated to typical warm and welcoming Indian hospitality as we show them that our diamond companies can supply them with absolutely any diamond they need in any shape, size or color.

“Each Indian company that wins the right to display at the Bharat Diamond Week is entitled for one booth only. Trading of Synthetic or Lab Grown Diamonds are banned in BDB, therefore there is no room for synthetics or lab grown diamonds in BDW.”

Mr Mehta added: “These inter-bourse events have proven their value at other diamond exchanges also, and it is only right that India, as the world’s primary cutting and polishing centre, should hold a fair to showcase the diamonds that we have available for sale. The Bharat Diamond Week puts buyers directly in touch with suppliers in a convenient setting, saving time and expenses as the exhibitors and their goods can be easily and quickly found, thus making the fair an efficient visit. We will be announcing further details in coming weeks.”

The biggest attraction for the show is that being a pre Diwali time, it’s the perfect opportunity for best buying deals.

Continue Reading

Press Releases

NCDIA Appoints Advisory Board 2019

It will support and guide the executive board and contribute to the success of NCDIA’s endeavors through their experience and knowledge.

mm

Published

on

(PRESS RELEASE) NCDIA announces the formation of its Advisory Board 2019, a strategic committee of esteemed advisors, comprising of trusted leaders in our industry.

The primary focus of the association is to educate the trade from retailers to the end consumer on natural color diamonds. As ambassadors of NCDIA, this group will support and guide the executive board and contribute to the success of NCDIA’s endeavors through their experience and knowledge.

Rooftop Burglars Take Everything from Jewelry Store
Headlines

Rooftop Burglars Take Everything from Jewelry Store

Video: No, I Won’t Help You Commit Fraud … But Thanks for Throwing Water in My Face
Cullen Wulf

Video: No, I Won’t Help You Commit Fraud … But Thanks for Throwing Water in My Face

Video: When Should a Jeweler Fire Someone?
Jimmy Degroot

Video: When Should a Jeweler Fire Someone?

The Advisory board members for 2019 are:

1. Henry Ho, Founder & Chairman Emeritus, Asian Institute of Gemological Sciences
Henry Ho, established the AIGS in 1978 and operates a gemological school and laboratory in the Jewelry Trade Center in Bangkok.

2. Matthew Tratner, Director Global Business Development, GIA (Gemological Institute of America)
Matthew joined GIA in January 2018. He had served as Director of membership and sales at Jewelers of America from 2013 and a publisher of National Jeweler since 2015 when JA took over the publication.

3. Cecilia Wun, US Branch Manager, UBM LLC
Cecilia has been with UBM since 2015 in charge of all the Hong Kong show’s North American exhibitors.

Continue Reading

Most Popular