October 19, 2020
Blockchain Helps To Track Fake Diamonds In China
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Blockchain Helps To Track Fake Diamonds In China

China is a blockchain-friendly country among all others. They employed blockchain technology in different industries in order to benefit its unique features. In the latest news, Blockchain helps to track fake diamonds in China.

Everledgers is a DLT supply chain firm. Recently they are collaborating with JD.com (Local Chinese Diamond seller) in order to ensure diamond buyers receive the genuine diamonds.

Everledger, a global digital registry for diamonds, announced in Aug. 25 they are collaborating with JD.com (Chinese giant e-commerce) and Gemological Institute of America (GIA). In this collaboration, those above companies are trying to implement a blockchain-based supply chain. The aim is to be capable of verifying the reliability of individual stones.

 

COVID-19 pandemic increase online shopping for diamonds

Since COVID-19 pandemic, online shopping experienced significant growth. Consequently, a lot of people prefer to purchase diamonds online. But, there is a problem here. Online shopping for products such as diamonds is a bit risky. Because it’s difficult to assess the authenticity and quality. “Digital competent millennials” reported, 68% of all diamond in China sold online, which is only 45% for other countries around the world.

Blockchain helps to track fake diamonds in China; all the data is available for customers

For this purpose, Everledger uses the reports provided by GIA. In fact, they use the report in order to assess the diamonds via the Chinese e-commerce company’s JD Chain. JD Chain is an anti-counterfeiting and tracing blockchain company. So, by using the information and data from those above companies and platforms, customers can make sure they are buying the original product. The information provided to customer consist of the color, origin, carat weight, clarity and previous owners.

Everledger is not alone in this section

Everledger founded in 2015. The goal of the company is to fight against counterfeit diamonds and stones. But this company is not alone in this sector.

Previously, Russia’s Alrosa, the largest diamond mining firm collaborated with Tencent (the operator of WeChat) in order to create an app. This app allows the customers to purchase diamond online.

In addition, many giant players in diamond industry, already collaborated with blockchain-based platforms.

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