The Hong Kong-based jewelry chain Chow Tai Fook Jewellery Group will implement blockchain technology to keep track of its diamonds. According to the South China Morning Post this technology will enable customers to ascertain the origin and authenticity of stones sold in its T Mark-branded stores. Customers will need to use a special T Mark-app to do this though.
The T Mark project assigns serial numbers to certain stones, so that their transaction history can be easily traced. The company did a test with blockchain startup Everledger and the IBM Blockchain Platform. Now the jewelry chain has plans to roll out 3000 diamonds on the blockchain into their stores, and they want to extend this up to 10 thousand stones.
Chow Tai Fook isn’t the first jewelry giant to embrace blockchain tech. In May diamond giant De Beers announced it was tracking 100 high-value diamonds from the mine to the retailer, using its own blockchain technology Tracr. This was done to enhance consumer confidence and public trust, to assure the people that these are not so-called blood diamonds. In April several gold and diamond companies already partnered with IBM to develop blockchain technology for tracing the origin of finished pieces of jewelry. This is called the TrustChain Initiative.