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13:47, 10 August 2018

This Totally free Tool Helps Check Your Diamond’s Provenance on a Blockchain

This Totally free Tool Helps Check Your Diamond’s Provenance on a Blockchain


Uncommon Carat, an American company that assists users in discovering authentic diamond rings, has partnered with blockchain firm Everledger to launch a product that will keep a track of a diamond&#8217s price tag, quality and origin.

The new item, identified as Uncommon Caret Report, is completely free and can be utilised each offline and on the internet. In the official press release, Rare Carat explained that customers will only need to have to enter the GIA&nbsp(Gemological Institute of America) quantity of a diamond in order to make a choice. Particulars such as cost, deal comparison, colour, clarity and history will be supplied to the users. Uncommon Carat&#8217s gemologists will also provide sincere reviews.

Everledger&#8217s pioneering work with its blockchain-enabled platform will offer information on the diamond&#8217s provenance, fulfilling a crucial consumer demand.

Founded in 2015, Everledger secures and records higher-value assets in a global digital ledger. The firm is a graduate of the Barclays Accelerator 2015 and has effectively tracked&nbsp1,000,000 diamonds.

&#8220By enabling greater transparency with digital provenance tracking, consumers are able to have confidence in the authenticity and responsible production of the diamond that they buy,&#8221 mentioned&nbspLeanne Kemp, Founder &amp CEO of Everledger, &#8220With this, the diamond&#8217s worth is also protected and customers can directly advantage from our emerging technology resolution.&#8221

Blockchain to Disrupt the Diamond Sector?

Earlier this year,&nbspSignet Jewelers, the biggest diamond retailer in the globe, announced that it was joining the blockchain system Tracr. Tracr is a diamond traceability platform that was&nbspdeveloped by internationally recognized diamond business De Beers Group.

In contrast to Rare Caret Report, Tracr plans to trace the origin of diamonds on a blockchain ledger even though guaranteeing that they are not becoming mined by slaves in Africa. The pilot was launched in January 2018&nbsp&ndash&nbspDe Beers Group announced in Might that they had successfully tracked 100 diamonds from origin to retail. The Tracr platform will become fully available towards the finish of this year.

In 2016, Dubai&rsquos Blockchain Council also met up with Kimberley Process (KP), an organization that focuses on decreasing the trade of conflict diamonds, in order to setup a transparent platform to track diamonds in the UAE.

As confirmed by these initiatives, employing blockchain technologies in the diamond industry creates trust in purchasers and sellers. It also guarantees that fraudulent activities such as falsifying certificates and promoting fake or blood diamonds are tremendously lowered.

Featured image from Shutterstock.

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Published at Fri, 10 Aug 2018 12:27:07 +0000

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