Diamond tracker and blockchain startup Everledger has partnered with Gübelin Gem Lab to create the Provenance Proof Blockchain for colored gemstones, reports International Business Times. Gübelin Gem Lab is a renowned gemological laboratory and creator of the Provenance Proof initiative, for which the Gübelin Gem Lab is developing technologies to further drive transparency in the gemstone industry. In the past month, as part of this initiative, the Lab has kicked off a major project to establish a blockchain for colored gemstones. The project aims at providing a digital, decentralised ledger that tracks gemstones throughout their lifetime journey along the supply chain, from mine to end-consumer. Their partner, Everledger, works by collecting an asset’s defining characteristics, history, and ownership to create a permanent, immutable record on the blockchain. This digital incarnation, or thumbprint, is used by various stakeholders across a supply chain pipeline to form provenance and verify authenticity.
Raphael Gübelin, president of House of Gübelin, a Swiss family-owned company established over 160 years ago, explains: "The concept and technology of a blockchain transforms an opaque business based on trust into a business based on transparency. The combination of the blockchain with the application of physical tracers – such as the Emerald Paternity Test – is a quantum leap for our Provenance Proof initiative. Thinking further into smart contracts, it opens up completely novel business models in our industry, and opportunities to establish more sustainable and fairer practices."
Leanne Kemp, Everledger Founder & CEO said: "We are pleased to embark on such a monumental collaboration with the Gübelin Gem Lab, a gemological pioneer, combining our solution with their patented technology under the Provenance Proof initiative, as a world-first. "Having successfully applied Everledger's innovative solution to the diamond industry, it is a natural progression to now expand the application to the coloured gemstones industry. There is a strong need for the next-level transparency that will be established by our collaboration in this fast-expanding industry ... Our purpose of trust-building and driving next-generation practices for global markets by enabling transparency across the supply chain aligns perfectly with the Gübelin Gem Lab's own purpose of the Provenance Proof initiative. We look forward to paving the way to better assurances from mine to market." Everledger currently has the provenance of over 1.8 million diamonds on the blockchain, and the platform has since expanded into the world of fine wine and art, among other industries.
The project is targeted to be launched to market in mid-2018.