DLT-based supply chain company Everledger has begun working with local Chinese diamond sellers to ensure that customers receive only real gemstones. Diamonds on the blockchain In an August 25 announcement, Everledger, a global digital diamond registry, announced that it will begin working with Chinese e-commerce giant JD.com and the Gemological Institute of America (GIA) to implement a DLT-based supply chain that can verify the authenticity of individual stones. Due to restrictions placed on businesses during the pandemic, many buyers were forced to purchase diamonds online, where it is difficult to assess their quality and authenticity. In China, "digitally competent millennials" reportedly buy 68% of all diamonds sold online, compared to 45% globally. Everledger - launched by Hyperledger Fabric - uses grading reports provided by the GIA to grade diamonds through Chinese e-commerce company JD Chain's anti-counterfeiting and tracking blockchain. This allows customers to purchase a stone with information on its origin, color, clarity, weight and previous owners. According to the company, this process will allow JD.com to more effectively detect instances of fraud, including duplicate GIA reports. Everledger was founded in 2015 with the goal of solving the problems associated with buying diamonds - stones typically mined in war zones and sold to fund oppressive regimes. Everledger is not the only company Everledger is not the only company to see the potential of ponying up diamonds in the Chinese market. In December, that the world's largest diamond mining company, Russia's Alrosa, partnered with Tencent, the operator of WeChat, to allow the app's one billion users to buy diamonds online. Some of the biggest players in the diamond industry have already partnered with blockchain-based platforms to introduce DLT solutions so customers can buy authentic stones. In 2018. De Beers Group - the corporation that invented the concept of the diamond engagement ring - announced that it was exploring blockchain to improve transparency in the diamond value chain. In the same year, Hong Kong-based major retailer Chow Tai Fook joined the Everledger project to boost sales of its T MARK line, in which diamonds were marked with traceable codes so that their origin could be verified. Tags Blockchain blockchain diamonds diamonds
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