Luxury operator Richemont to follow diamonds via blockchain

July 12, 2018
Chris Wheal

More indications that high-value companies are realising the opportunities of blockchain for their supply chains. Coindesk has reported that Swiss luxury goods titan Richemont is to use blockchain to trace and track the origin of some of its diamonds and gold. 

“As Cartier’s parent company, we have,” Jin Keyu, an associate professor at the London School of Economics (LSE) and Richemont board member said in a speech on Thursday, “recently decided to start utilizing blockchain to trace the origin of diamonds, rocks and gold back to the mines or recycling factories.” 

Cartier is cottoning onto the value of blockchain – from rocks to watches

She added: “For all the watches we sell, we also hope to [use blockchain] to track their sources to validate their authenticity”.

Richemont is the owner of several high-profile brand including Vacheron Constantin, Piaget and Alfred Dunhill. Keyu was appointed to the Richemont board last year after a corporate shake-up and concern about Chinese profits – her knowledge of the Chinese market is extensive.

“To me,” she said, “blockchain essentially restructured the entire economic spectrum. I think it’s extremely interesting because, to solve this broad issue, we need not only microeconomic theories…but also macro ones such as currency, monetary policy and regulation.”

Jin has a BA, MA and a PhD from Harvard; she was the youngest tenured professor at the LSE at the age of 29.

Jin Keyu is Associate Professor of Economics at the London School of Economics; credit: Wikimedia Commons

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

Related News

OL DEX is closing all activities April 25, 2020
USDT (ERC-20) Gateway Enabled April 17, 2020