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Gübelin Gem Lab has partnered with developer Everledger to establish a blockchain digital ledger for colored gemstones.

The Provenance Proof Blockchain tracks gemstones throughout their lifespan until they reach the end consumer, the Swiss-based lab said Tuesday. Gübelin plans to implement its system across all segments along the supply chain, including miners, dealers, cutters, labs, retailers and consumers.

Blockchain technology, originally devised for digital currency, keeps a permanent, tamper-proof record of all transactions that occur within a platform.

“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. Combining the blockchain with physical tracing methods, such as Gübelin’s Emerald Paternity Test — which marks stones using nanotechnology — is a “quantum leap for our Provenance Proof initiative,” he continued.

Gübelin believes the use of blockchain will provide the industry with “opportunities to establish more sustainable and fairer practices.”

Source: Rapaport