Since customers are more and more demanding for sustainability in the luxury industry, it becomes important to be able to certify the origin of materials. In other words, traceability. DiamondByWay created a major innovation for the Jewelry sector, developing a blockchain platform to insure the origin and transformation life of gems.
We all know beautiful jewelry brands such as Tiffany&Co, Boucheron or Van Cleef & Arpels. But there is quite an opaque world, which is the gem extraction industry. How to make sure my diamond ring is actually not a “blood diamond”? Until now, it was impossible for a customer to get the answer to this question with 100% reliability.
But this is now over! The company DiamondByWay, from FACET group, created a blockchain platform that is able to insure not only the origin of their gems, but also all their transformation lives : Kimberley certificate, GIA certificate, country of mine/workshop, name of stakeholders, gem characteristics (size, weight, number of cut parts, etc) as well as pictures raw/finished.
When a jeweler is working with DiamondByWay, they get one card for each stone – that they can give later to their clients – with a QR code redirecting to an official website with all its identity and history details. I personally tested it with a diamond gem, I have to say that I found is a lot of interesting information nicely presented, not to mention the easiness and speed of the website.
Why blockchain is a strong technology? Because the platform guarantees a digital tracking, totally inviolable and unalterable, along the entire world supply chain.
DiamondByWay is the one and only actor of that industry using such technology at the moment. Let’s hope many others will follow them so we can all be more confident when buying and wearing our precious jewels!