The Singapore diamond investment exchange has announced its intentions to develop a Blockchain supply chain concept to track and verify authenticity and origins of diamonds and other gemstones. With the aid of the Everledger and kynetix companies, the project aims to ensure peace of mind for consumers as the nature of the Blockchain allows a complete overview into the movements of gems from their source direct to the consumer.
The project also aims to branch out into authenticity and verifying the nature of gemstones including their purity and accurate weight among other features.
“This new concept draws on blockchainâ€™s distributed ledger capability to demonstrate how we can further instill confidence and convenience for the benefit of diamond investors and financiers.”
Linus Koh, CEO of the Singapore Diamond Investment Exchange
Blood diamonds have become huge problems for many countries such as Ivory Coast and Sierra Leone. Increasing levels of insurgency have also financed many of these conflicts while countries including Zimbabwe have signed up to the Kimberly process, children, women and men are still frequently forced into such industry with treats of violence or even death. The Blockchain project will aim to make the process of buying diamonds much more transparent as it is hoped many more details about the diamonds including the companies distributing them and when and where they were found, can be recorded publicly.
Top conclude the possibilities of the block chain technology in possibility fighting the illicit trade and sourcing of diamonds, While the problem of blood diamonds has seen a huge increase in many African countries such as Zimbabwe, the project being trailed by the Singapore diamond investment exchange may help alleviate the trade in illegally sourced gemstones. Allowing consumers to accurately pinpoint the origins of their diamonds, the technology can also help international trade for diamond retailers considering the Â Â Â tight regulations imposed on the trade of diamonds in Europe etc.