Blockchain changing the world’s jewellery landscape, and Chow Tai Fook joins the revolution
Backed by the Gemological Institute of America, digital-savvy diamond shoppers can now ascertain the origin and authenticity of stones sold by the Hong Kong jewellery chain using an app
A new initiative by one of Hong Kong’s leading jewellery retailers will see diamonds sold in its T Mark-branded stores “graded” for customers, by the respected Gemological Institute of America (GIA), a non-profit industry research body.
The move follows quickly on the heels of a similar practice by De Beers, the world’s biggest diamond seller.
Developed with leading blockchain solutions provider Everledger and secured by the IBM Blockchain Platform, the new service will show exactly where the diamonds came from and what quality they are, said Alan Chan, Chow Tai Fook Jewellery Group’s general manager of group branding.
“The retail industry is undertaking a digital revolution, and this serves as one of the key drivers of this pioneering initiative,” said Chan.
“Nowadays, young consumers often show interest in the entire cycle of diamonds, and therefore there is a growing importance for jewellers to help ascertain the origin and authenticity of gemstones by leveraging modern technology.”
