Diamond tracker Everledger, one of the first blockchain startups to actually do something useful, has partnered with Gübelin Gem Lab to create the Provenance Proof Blockchain for coloured gemstones.
Gübelin Gem Lab is a renowned gemmological laboratory and creator of the Provenance Proof initiative, designed to drive transparency in the gemstone industry. Everledger taps the immutability of cryptographically-signed, shared ledgers to provide a reliable history of an asset's authenticity and ownership. Everledger currently has the provenance of over 1.8 million diamonds on the blockchain, and the platform has since expanded into the world of fine wine and art, among other industries.
Leanne Kemp, Everledger Founder & CEO said: "We are pleased to embark on such a monumental collaboration with the Gübelin Gem Lab, a gemmological pioneer, combining our solution with their patented technology under the Provenance Proof initiative, as a world-first.
"Having successfully applied Everledger's innovative solution to the diamond industry, it is a natural progression to now expand the application to the coloured gemstones industry. There is a strong need for the next-level transparency that will be established by our collaboration in this fast-expanding industry. A steady growth over the past few years has been seen, with estimated global rough gemstone sales for emeralds, rubies and sapphires reaching $2.5 billion in 2015.
"Our purpose of trust-building and driving next-generation practices for global markets by enabling transparency across the supply chain aligns perfectly with the Gübelin Gem Lab's own purpose of the Provenance Proof initiative. We look forward to paving the way to better assurances from mine to market."
Raphael Gübelin, President of the Swiss family-run business, of which the laboratory is a fully independent subsidiary, explains: "The concept and technology of a blockchain transforms an opaque business based on trust into a business based on transparency. The combination of the blockchain with the application of physical tracers – such as the Emerald Paternity Test – is a quantum leap for our Provenance Proof initiative. Thinking further into smart contracts, it opens up completely novel business models in our industry, and opportunities to establish more sustainable and fairer practices."
The project is targeted to be launched to market in mid 2018.