Blockchain Tracking Tool For Diamonds Launched By Rare Carat And Everledger

Blockchain, News | August 10, 2018 By:

Unbiased diamond advice provider Rare Carat has partnered with blockchain startup Everledger to launch a free tool for consumers to intelligently evaluate diamonds for sale anywhere.

Founded in 2016, Rare Carat allows consumers to compare diamonds across trusted diamond retailers to find the best deal. It is pioneering the use of artificial intelligence (AI), machine vision, and machine learning to help diamond shoppers buy more intelligently and confidently, and to instill confidence in smaller online and local jewelers.

Everledger provides an immutable ledger for diamond ownership and related transaction history verification for insurance companies, owners, claimants, and law enforcement agencies. It is focused on creating and maintaining ecosystems of trust to address real-world challenges. Everledger’s blockchain solution is scaled for industry standardization as evidenced by the provenance of over 2.2 million diamonds encrypted on its platform.

The two companies developed a new tool, called Rare Carat Report, that allows consumers to check diamond price, quality, and provenance. The tool is using AI to evaluate the diamond’s price, strengths, and weaknesses, allowing consumers to buy with confidence. Everledger’s blockchain platform will provide information on the diamond’s provenance, fulfilling a key consumer demand.

“Consumers are often frustrated by a lack of transparency when buying a diamond engagement ring, said Rare Carat COO Apeksha Kothari. “The Rare Carat Report fills a key role as the industry addresses this problem with its newest generation of buyers, helping build trust between buyers and sellers.”

“By enabling greater transparency with digital provenance tracking, consumers are able to have confidence in the authenticity and responsible production of the diamond that they purchase,” said Leanne Kemp, Founder and CEO of Everledger. “With this, the diamond’s value is also protected and consumers can directly benefit from our emerging technology solution. We are pleased to collaboratively provide this industry-first value-add for the diamond industry and will continue to lead the way in driving next-generation digital standards.”

Earlier this year, De Beers Group announced that it had successfully tracked its first diamonds all the way from the mine to jewelry retailers using a blockchain platform. Called Tracr, the platform gives buyers confidence that the stones they are buying aren’t fakes or so-called conflict diamonds.