Gübelin to Build Gemstone Blockchain

RAPAPORT… Gübelin Gem Lab has partnered with developer Everledger to establish a blockchain digital ledger for colored gemstones. 

The Provenance Proof Blockchain tracks gemstones throughout their
lifespan until they reach the end consumer, the Swiss-based lab said Tuesday. Gübelin plans to implement its
system across all segments along the supply chain, including miners,
dealers, cutters, labs, retailers and consumers.

Blockchain technology, originally devised for digital currency, keeps a permanent, tamper-proof record of all transactions that occur within a platform.

“The concept and technology of a blockchain transforms an
opaque business based on trust into a business based on transparency,” said
Raphael Gübelin, the company’s president. Combining the blockchain
with physical tracing methods, such as Gübelin’s Emerald Paternity Test — which marks stones using nanotechnology — is a “quantum leap for our Provenance Proof initiative,” he continued.

Gübelin believes the use of blockchain will
provide the industry with “opportunities to establish more sustainable and
fairer practices.”