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Hong Kong Jewelry Retailer Using Blockchain Technology to Track Diamonds

Hong Kong Jewelry Retailer Using Blockchain Technology to Track Diamonds

Chow Tai Fook, a Hong Kong-based jewelry retailer will begin to implement blockchain-based technology to track precious diamonds, as reported by the South China Morning Post yesterday.

Chow Tai Fook has already put some of its diamonds on a blockchain platform created by startup company Everledger and accrued by the IBM Blockchain Platform. This allows the customers to discover the origin and authenticity of diamond sold in its stores using a T Mark app.

The T Mark was an initiative started by the same company in August of 2017, which assigns a series of serial number to stones so they can be tracked and validated as they move around the world. The company currently has rolled out the initiative for 3,000 T Mark diamonds in four stores so far and plans to extend it up to 10,000 in 10 stores.

Chow Tai Fook isn’t the first to embrace blockchain tech.

Global diamond De Beers has also done the same by tracking 100 demons from the mine using blockchain technology on a new platform called Tracr.

They claimed that they were the first and was done to enhance consumer confidence and trust in their stones.

Kent Wong, the groups managing director, outlined the importance of customer awareness to the diamond cycle:

“Not only does this initiative make it easier for consumers to manage their assets conveniently and efficiently, it is a long-term and invaluable investment that enriches consumers’ knowledge of their diamonds.”

Source: Cointelegraph.

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