Chow Tai Fook Jewellery Group, a Hong Kong-based jewelry retailer has announced using blockchain platform to track diamonds. Some of Chow Tai Fook’s diamonds were put on Everledger’s blockchain diamond tracking platform and secured by the IBM Blockchain Platform.
Using a T Mark app, retailer’s customers can easily clear up the authenticity and origin of stones sold in its T Mark-branded stores. In August of last year, the company started T Mark initiative which assigns serial numbers to certain stones to facilitate their provenance and transaction history authentication. Currently, the initiative covered 3,000 T Mark diamonds in four of Chow Tai Fook’s stores, and plans to extend it up to 10,000 stones in 10 stores.
‘Not only does this initiative make it easier for consumers to manage their assets conveniently and efficiently, it is a long-term and invaluable investment that enriches consumers’ knowledge of their diamonds,’ Kent Wong, the retailer’s group managing director, commented.
Chow Tai Fook follows the footsteps of others corporation that specializes in diamond mining and retail who have already employed blockchain technology to track their products. For instance, in May, De Beers announced that they tracked 100 high-value diamonds from the mine to the retailer using its blockchain-based platform Tracr.
Diamond and precious stones market is still very open to fraudulent activity and we see this happening all the time. A prime example is Sierra Leone where there are diamonds being mined illegally and people trying to defraud the system by coming up with fake certificates. Large players such as De Beers, Fura Gems looking to blockchain as a way to solve this problem once and for all.