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Diamond Firms Press Ahead with Blockchain

Feb 28, 2018 4:22 AM   By Rapaport News
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RAPAPORT... Indian companies Dharmanandan Diamonds and Hari Krishna Exports have adopted blockchain technology to improve traceability of stones through the supply chain.

Dharmanandan, a Mumbai-based manufacturer, has partnered with technology company Everledger to place its diamond-tracking data onto a blockchain platform. The collaboration marries two existing projects: Everledger’s diamond blockchain, which it launched in 2015, and Dharmanandan’s Diamond Time-Lapse, a report that tracks a stone’s journey from rough to consumer.

Through the arrangement, it will now be possible to encrypt the information in Time-Lapse reports directly onto Everledger’s blockchain platform, at either the manufacturing or the retail stage. Consumers will then be able to view the entire provenance report with a mobile app, Everledger said in a statement last week.

Dharmanandan and Everledger have named this joint initiative the Diamond Time-Lapse Protocol. It will enable them to record key data about a stone, including its origins, transactions and certification, on an immutable platform.

Meanwhile, Hari Krishna has incorporated blockchain into its updated mobile app for diamond buyers.

“Blockchain technology is secured using cryptography, which means that no one can tamper with the data once it has been recorded, and because the data is stored across its network on multiple locations, it eliminates the risk that comes with holding data centrally,” said Brijesh Dholakia, CEO of Hari Krishna. “This ensures authenticity of information.”

A blockchain is a digital ledger providing a public, tamper-proof record of transactions. Several companies in the diamond industry have expressed interest in using blockchain to improve transparency, including De Beers, which views its Diamond Blockchain Initiative as a way of reviving consumer confidence in the sector.
Tags: Blockchain, Dharmanandan Diamonds, diamond, Diamond Time-Lapse Protocol, Everledger, Hari Krishna, Hari Krishna Exports, HK, HK Group, Leanne Kemp, Rapaport News
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