Chow Tai Fook uses the blockchain to track diamonds

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Hong Kong jewelry company Chow Tai Fook Jewellery Group will start to use blockchain-based platform for tracking diamonds.

Chow Tai Fook has reportedly placed tracking of some of its diamonds on a blockchain platform developed by blockchain startup Everledger and provided by the IBM Blockchain platform. It is reported that this will allow retail customers to find out the origin and authenticity of the stones sold in the stores of the T Mark brand.

The T Mark platform became an initiative launched by the company in August last year, which assigns a number of serial numbers to certain precious stones, allowing to trace their origin and the history of transactions with them.

The company has now reportedly added 3'000 diamonds to T Mark in four of its stores and plans to expand this number to 10'000 stones in 10 stores. Kent Wong, managing Director of the retail group, spoke about the importance of informing customers about the entire life cycle of diamonds:

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.

Chow Tai Fook follows the practice of other world leaders in the jewelry industry who have used blockchain technology to track their products. The global diamond giant De Beers announced in may that it was tracking 100 high-value diamonds from mine to retailer using its tracr blockchain platform.

The efforts announced by De Beers were the first in the industry, and were aimed at increasing consumer confidence and public confidence that diamonds were "non-conflict", in addition to improving efficiency in the supply chain.

In April, major manufacturers and suppliers of the gold and diamond industries partnered with IBM to develop the use of blockchain for the supply chain to track the origin of finished jewelry. The TrustChain initiative was developed to track and authenticate diamonds and precious metals, allowing you to trace their history from their place of origin to the retail location of the finished product.

Link to information resource - https://altstake.io/news/chow-tai-fook-ispolyzuet-blokcheyn-dlya-otsleghivaniya-brilliantov