According to recent local news source ‘South China Morning Post,’ Chow Tai Fook has reportedlyplaceda number ofits diamonds on a blockchain platform developed by blockchain startup Everledger and secured by the IBM Blockchain Platform.This isreportedly expected to changethe existing retailer’s customers profileto establishthe origin andlegitimacyof stonessoldin its T Mark-branded stores,employing aT Mark app.
The T Mark wasainitiative started bythe corporatein the previous year of 2017,thatassigns a series of serial numbers toboundstonesso thattheiroriginandactionhistorybe additionalsimply predicted accurately.
Currently,the corporatehas reportedlyextendedthe initiative for around three thousand T Mark diamonds in four of its stores, and plansto increaseit up toten thousand stones in its several other exclusive stores too.
The retailer’sGroup director ‘Kent Wong,’ while stating the importance of the client’s awareness towards their investment in diamonds added:
“Notsolelywillthis initiativecreateit easier forcustomersto manage their assetshandilyandwith efficiency,it’salongandvaluableinvestment that enriches consumersinformationfor their diamonds.”
Chow Tai Fook seems to follow thealternativeworld leaderswithin thejewellerytrade who haveutilizedblockchain technologyto tracetheirtrading’s.
Earlier in May this year, Internationaldiamond giant ‘De Beers’ revealed that it was successful in tracking around hundred ofhigh-value diamonds from the mine to theretailers employingits blockchain-powered platform Tracr.
The effort,thatthe De Beers claimed wasthe diamond’s industry first reportedly action that led to increase the customers confidence andtrustthat the diamonds were non-conflicting along withadditionallyto increase thepotencywithin the supply chain.
Earlier in April this year also, major gold and diamondmakersand suppliers partnered with IBM to develop a blockchain based network platform for tracing the origin of finished final product. The TrustChain initiative was designedto trace andmanifestdiamonds and precious metals from their place of origin to their retail location.