Blockchain powers lab-grown diamond provenance
A Tokyo-based producer of lab-grown diamonds is leveraging blockchain technology to record the provenance of its products and launch an initial coin offering to expand the project.
Lab-grown diamonds sell at a fraction of the price of mined gemstones and can be produced at a fraction of the cost, meaning a more sustainable and ethical source of jewellery.
Pure Diamond Lab claims its blockchain technology helps prevent the distribution of conflict diamonds, also known as blood diamonds – gemstones produced unethically, often using forced labour in coflict zones.
“Information on cultivation, refinement and appraisal of lab grown diamonds is collected and digitalised, creating a profile that is available to the end consumer, thus increasing transparency and enhancing the retail experience,” the company said.
Pure Diamond Labs is not the first company to leverage blockchain for such purposes. Earlier this month Rare Carat announced a partnership with Everledger to launch the Rare Carat Report, a blockchain-enabled platform to let consumers evaluate diamonds for sale anywhere in the world.
And in May Signet Jewellers announced a joint venture with diamond miner De Beers to pilot a blockchain platform called Tracr – a tamper-proof record of a diamond’s journey throughout the value chain.
The company has also launched Pure Diamond Coin, an initial coin offering that will raise funds to expand the business, with Pure Diamond Coin tokens interchangeable with lab-grown diamonds on the network.