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GIA, Chow Tai Fook Launch Blockchain Pilot
May 23, 2018 10:40 AM
By Rapaport News
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RAPAPORT...
The Gemological Institute of America (GIA) has partnered
with Chow Tai Fook on a pilot program that will use blockchain to deliver
digital diamond-grading reports.
The GIA will create a permanent and immutable record for
diamonds from the jewelry retailer’s “T Mark” brand, the organizations said in a
joint statement Wednesday. The platform will begin in a selection of Chow Tai
Fook’s Hong Kong stores before expanding to more of the chain’s locations at
the end of the year.
“Securely linking T Mark customers to their diamond’s
grading information through the use of blockchain is an important step to
enhance consumer trust,” said Tom Moses, executive vice president and chief
laboratory and research officer for the GIA.
The move is a breakthrough for the industry, adding a new
chapter to the customer experience, added Kent Wong, managing director of Chow
Tai Fook.
Through the service — which was developed with blockchain-technology
startup Everledger, and is secured by the IBM Blockchain Platform —
the GIA will enter its grading information for T Mark diamonds directly onto a
shared blockchain ledger, which will then be transferred to the purchaser via a
special T Mark app.
Once the pilot is over, the GIA plans to open its service to
the entire gem and jewelry industry, it said.
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Tags:
Blockchain, Chow Tai Fook, Everledger, Gemological Institute of America, GIA, IBM Blockchain Platform, Kent Wong, Rapaport News, T Mark, Tom Moses
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