Blockchain: A diamond in the rough helping Hong Kong jeweler determine authenticity of precious stones
Gemological Institute of America (GIA), an organization dedicated to research and education in the field of gemology and the jewelry arts has come arm in arm with Chow Tai Fook to tailor a blockchain powered app that will enable customers to determine the origin and authenticity of diamonds they purchase.
The blockchain based app will give confidence to buyers spending on diamonds
Offering blockchain based authentication for its diamonds, the Hong Kong based jeweler will drill more confidence and transparency into its existing and potential customers, and will be supposedly will be more in demand in its market.
The market is infested with fake stones that are passed as precious ones. The new blockchain based gem stone authentication will stabilize the market as the fake ones will be easily distinguished from the real ones and shoppers can make hassle-free shopping with no second thoughts on their mind. Even blockchain will witness a wider adoption as its implementation across various sectors are swelling every passing day. Apart from the technology enthusiasts, particularly the blockchain experts, others will also be able to get hold of blockchain through this app and judge the usefulness that blockchain holds.
It is not the first time that a jeweler has got his hands on blockchain to determine the authenticity of precious stones. Before Chow Tai Fook, De Beers – a corporation that specializes in diamond mining, diamond retail, diamond trading and industrial diamond manufacturing sector, had set out on the execution of the advanced technology to determine the origins of valuable stones. The procedure involves tracking the diamonds each time they change hands, beginning from when they are uncovered from underneath the ground.
Alan Chan, Chow Tai Fook Jewellery Group’s general manager of group branding, told the South China Morning Post: “Nowadays, young consumers often show interest in the entire cycle of diamonds, and therefore there is a growing importance for jewellers to help ascertain the origin and authenticity of gemstones by leveraging modern technology.”
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