Gübelin Gem Lab has partnered with developer Everledger to establish a blockchain digital ledger for colored gemstones., Rapaport writes in a press release.
The Provenance Proof Blockchain tracks gemstones throughout their lifespan until they reach the end consumer, the Swiss-based lab said. Gübelin plans to implement its system across all segments along the supply chain, including miners, dealers, cutters, labs, retailers and consumers.
“The concept and technology of a blockchain transforms an opaque business based on trust into a business based on transparency,” said Raphael Gübelin, the company’s president.
“Opportunities to establish more sustainable and fairer practices” will be provided with the use of blockchain, Gübelin believes.