Renowned jewellery group Chow Tai Fook Jewellery Group ("Chow Tai Fook") and GIA (Gemological Institute of America), the leading independent diamond grading authority, will use blockchain technology to deliver secure, digital diamond grading reports to consumers for the first time.
Clients of Chow Tai Fook's diamond brand, CHOW TAI FOOK
This innovative service will first be piloted in selected Chow Tai Fook stores in Hong Kong before expanding to other locations at the end of 2018.
Kent Wong, Chow Tai Fook managing director, said "We are very proud of our cooperation with GIA which gives our customers additional assurance and transparency, and the opportunity to have both diamond grading and diamond traceability information at their fingertips.
This is an important industry breakthrough and adds a new chapter to the customer experience."
"GIA has been delighted to work closely with Chow Tai Fook to bring this advancement to the entire gem and jewellery community."
GIA diamond grading information for
This is among the first consumer-facing initiatives to use the blockchain to put diamond grading information directly into the hands of the consumer. This is an important milestone as blockchain moves from business-to-business, to business-to-consumer.
The initiative was developed with leading blockchain solutions provider Everledger and is secured by the IBM Blockchain Platform.
Leanne Kemp, Everledger chief executive officer, said, "We are delighted to be working with two industry giants to provide assurance for customers through our pioneering work with blockchain technology for the diamond industry."
This is a great result of more than two years of work and we look forward to continue delivering business and customer benefits for the entire industry."
"Bringing data on quality and provenance to the consumer through the use of blockchain is an important shift in creating a more transparent marketplace where buyers have better insight on purchasing decisions," said Marie Wieck, General Manager, IBM Blockchain. "IBM's highly secure blockchain platform, delivered on the IBM Cloud, makes it possible for Chow Tai Fook and GIA to bring this innovation to consumers."