GIA & Chow Tai Fook Launch Pilot for Blockchain-Based Grading Report

24/05/2018 11:52

The world's most recognized diamond grading institution, GIA (Gemological Institute of America) is launching a pilot program together with leading jewerly retailer, Chow Tai Fook which will use blockchain technology to deliver secure, digital diamond grading reports to consumers for the first time. Clients of Chow Tai Fook’s T-Mark diamond brand will receive a permanent and immutable blockchain record of their diamond’s GIA grading information. The new digital reports will be secured by blockchain technology, and will first be piloted in selected Chow Tai Fook stores in Hong Kong before expanding to other locations at the end of 2018.

The initiative was developed with leading blockchain solutions provider Everledger and is secured by the IBM Blockchain Platform. GIA says it is among the first consumer-facing initiatives to use the blockchain to put diamond grading information directly into the hands of the consumer, which is an important milestone as blockchain moves from B2B, to B2C. “Securely linking T MARK customers to their diamond’s grading information through the use of blockchain is an important step to enhance consumer trust,” said Tom Moses, GIA executive vice president and chief laboratory and research officer. “GIA has been delighted to work closely with Chow Tai Fook to bring this advancement to the entire gem and jewelry community.”

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.” Leanne Kemp, CEO of Everledger - the emerging tech company that developed this initiative - 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.”

Image: Courtesy of Everledger