Hong Kong Jewelry Retailer Using Blockchain To Track Diamondsbr>
Chow Tai Fook Jewellery Group is using blockchain technology to deliver digital diamond-grading reports.
Chow Tai Fook is a Hong Kong-based jewellery retailer founded by Chow Chi Yuen. It offers high-end luxury, mass luxury, and youth line jewelry products, including gem-set, gold, and platinum/karat gold products under the T Mark, Hearts On Fire, Monologue, and SoInLove brands. The company has retail stores in several countries, including over 2,000 retail outlets in mainland China.
Chow Tai Fook partnered with the Gemological Institute of America (GIA) to create a permanent and immutable record for diamonds from the jewelry retailer’s T Mark brand, an initiative started by the company in August 2017. Through the service, which was developed with blockchain startup Everledger and is secured by the IBM blockchain platform, the GIA will enter its grading information for T Mark diamonds directly onto a shared blockchain ledger, which will then be transferred to the purchaser via a special T Mark app.
“Nowadays, young consumers often show interest in the entire cycle of diamonds, and therefore there is a growing importance for jewellers to help ascertain the origin and authenticity of gemstones by leveraging modern technology,” said Alan Chan, Chow Tai Fook Jewellery Group’s general manager of group branding.
Currently, the jewellery retailer said that 3,000 T Mark diamond reports are ready on its blockchain, and that coverage will eventually be extended to 10 stores and 10,000 diamond for sale.
“Not only does this initiative make it easier for consumers to manage their assets conveniently and efficiently,” added Kent Wong, the retailer’s group managing director.,“it is a long-term and invaluable investment that enriches consumers’ knowledge of their diamonds.”
While blockchain is still at its nascent stages, the diamond industry sees its potential in bringing greater transparency and security to potential investors. Last month, Israel-based FinTech firm Carats.io partnered with Chinese jewelry retailer Kela to build a bridge between the blockchain and jewelry industry. In May, De Beers Group announced that it had successfully tracked its first diamonds all the way from the mine to jewelry retailers using its blockchain platform Tracr.