According to recent local news source ‘South China Morning Post,’ Chow Tai Fook has reportedly placed a number of its diamonds on a blockchain platform developed by blockchain startup Everledger and secured by the IBM Blockchain Platform. This is reportedly expected to change the existing retailer’s customers profile to establish the origin and legitimacy of stones sold in its T Mark-branded stores, employing a T Mark app.
The T Mark was a initiative started by the corporate in the previous year of 2017, that assigns a series of serial numbers to bound stones so that their origin and action history be additional simply predicted accurately.
Currently, the corporate has reportedly extended the initiative for around three thousand T Mark diamonds in four of its stores, and plans to increase it up to ten thousand stones in its several other exclusive stores too.
The retailer’s Group director ‘Kent Wong,’ while stating the importance of the client’s awareness towards their investment in diamonds added:
“Not solely will this initiative create it easier for customers to manage their assets handily and with efficiency, it’s a long and valuable investment that enriches consumers information for their diamonds.”
Chow Tai Fook seems to follow the alternative world leaders within the jewellery trade who have utilized blockchain technology to trace their trading’s.
Earlier in May this year, International diamond giant ‘De Beers’ revealed that it was successful in tracking around hundred of high-value diamonds from the mine to the retailers employing its blockchain-powered platform Tracr.
The effort, that the De Beers claimed was the diamond’s industry first reportedly action that led to increase the customers confidence and trust that the diamonds were non-conflicting along with additionally to increase the potency within the supply chain.
Earlier in April this year also, major gold and diamond makers and suppliers partnered with IBM to develop a blockchain based network platform for tracing the origin of finished final product. The TrustChain initiative was designed to trace and manifest diamonds and precious metals from their place of origin to their retail location.