Wednesday , 15 August 2018
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Jewelry industry’s new ‘TrustChain Initiative’ uses blockchain to track products

Leading jewelry companies that have struggled with proving the authenticity of their goods have launched an online electronic ledger based on blockchain to improve global provenance in the diamond and jewelry supply chain.

The new TrustChain Initiative uses IBM’s blockchain cloud service to allow jewelry buyers to verify the providence of gold and diamond necklaces, bracelets and rings by accessing an online platform that tracks them from gem mines to jewelry store cases.

The collaboration also includes Underwriter Laboratories (UL), an independent third-party verification service, together with five diamond and jewelry companies that represent the entire supply chain: Rio Tinto Diamonds (diamond supplier for Proof of Concept only), Leach Garner (precious metals supplier), Asahi Refinery (precious metal refinery), Helzberg (US jewelry retailer) and the Richline Group (global jewelry manufacturer).

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The TrustChain blockchain network will track and authenticate diamonds, precious metals and jewelry at all stages of the global supply chain.

“This initiative is important for our industry as we seek to raise the collective responsibility and provenance practices to new heights,” Mark Hanna, Richline Group’s Chief Marketing Officer, said in a statement.

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