The partnership is between the Gübelin Gem Lab, one of the most renowned gemmological laboratories, and Everledger, a leading global emerging technology enterprise, and together they have created the Provenance Proof Blockchain for coloured gemstones.
In the past month, as part of this initiative, the Gübelin Gem Lab has kicked off a major project to establish a blockchain for coloured gemstones. The project aims at providing a digital, decentralised ledger that tracks gemstones throughout their lifetime journey along the supply chain, from mine to end-consumer.
To design and build the required technical backbone, Gübelin Gem Lab has partnered with Everledger, an expert in tracking the provenance of high-value assets using blockchain technology.
All parties involved in the lifecycle of a gemstone will be engaged including miners, dealers, cutters, gemmological laboratories, wholesalers, jewellers, retailers and the end consumer.
The Provenance Proof Blockchain aims to combine transparency, integrity and security, with the level of privacy and confidentiality required to bring these stakeholders together. This technology can be applied to every coloured gemstone and enables a completely new level of transparency across the industry.
“The concept and technology of a blockchain transforms an opaque business based on trust into a business based on transparency. The combination of the blockchain with the application of physical tracers – such as the Emerald Paternity Test – is a quantum leap for our Provenance Proof initiative,” says Raphael Gübelin, president of the Swiss family-run business, of which the laboratory is a fully independent subsidiary.
“We are excited to collaborate with the Gübelin Gem Lab to develop our blockchain-based solution platform to track coloured gemstones in combination with their patented technology for the Provenance Proof initiative, as a world-first,” continues Leanne Kemp, founder and CEO of Everledger.
“Having successfully applied Everledger’s innovative solution to the diamond industry, it is a natural progression to now expand the application to the coloured gemstones industry.”
Feature image credit: Gübelin Gem Lab