Chow Tai Fook, Hong Kong’s leading jewelry retailers, in collaboration with IBM and Everledger have integrated distributed ledger technology into its business, to enable clients who patronize its T Mark-branded stores verify the origin, quality, and authenticity of its Diamonds.
The initiative is also backed by the Gemological Institute of America (GIA), according to a South China Morning Post report on September 13, 2018.
Gems on the Blockchain
Per the South China Morning Post, Hong Kong’s Chow Tai Hook jewelers have joined forces with tech giants IBM and Everledger blockchain solutions providers, to launch a distributed ledger technology (DLT) powered app, with which customers will view all information about the diamonds purchased from its T Mark-branded shops.
Chow Tai Fook claims the grading of its gems is done by the Gemological Institute of America (GIA), which is a non-profit industry research organization.
With the new service, buyers will be able to get relevant information about their gems on the T Mark app, including where the stones originated from as well as its quality.
“Not only does this initiative make it easier for consumers to manage their assets conveniently and efficiently, it is [also] a long-term and invaluable investment that enriches consumers’ knowledge of their diamonds,” noted Kent Wong, the retailer’s group managing director at Chow Tai Fook.
The firm has reportedly said that the blockchain solution will first be integrated into four of its stores in Hong Kong – Causeway Bay, Tsim Sha Tsui, Mongkok, and Tuen Mun.
At current, the firm claims to have 3,000 T Mark diamond reports live on its distributed ledger, and that number would increase to 10,000 once its blockchain project is extended to its ten stores.
Spreading the Blockchain Technology Gospel across the Globe
The Chow Tai Fook distributed ledger technology push wouldn’t have come to fruition without the inputs of Everledger and IBM.
It’s noteworthy that IBM has been creating blockchain solutions aimed at increasing the productivity of startups and established corporations alike.
Earlier in April 2018, IBM launched TrustChain, a blockchain solution built to track precious stones from the mines to the retail stores.
In related news, on September 4, 2018, Blockchain Reporter informed that IBM had partnered with Stellar Lumens to launch a DLT-based platform for cross-border payments.