The primary purpose of the Provenance Proof Blockchain is to record all steps of a specific gem along the supply chain. Currently in its pilot phase which will coincide with the end of 2018, Everledger has announced the global rollout will begin at the Tucson gem show in February 2019.
In January 2018, the Gübelin Gem Lab announced the Provenance Proof Blockchain, a solution to enable the tracking of individual gemstones along the value chain; from mine to end consumer.
The project is part of the Provenance Proof initiative, a long-term programme dedicated to providing the gemstone industry with solutions and services enabling transparency along global supply chains.
In order to test the system, a simplified supply chain consisting of high profile pilot partners was established, including a major emerald mining company, a cutting factory, and global jewellery brands.
Everledger said the full functionality of the solution is now undergoing testing where it is being scrutinised for its ease-of-use, intuitive handling and scalability. Security, robustness and governance rulings are other factors that will be assessed during the pilot phase.
Leanne Kemp, Everledger founder and CEO, said: “We are proud to have been entrusted with building the Provenance Proof Blockchain, and we are excited by the network of participants’ involvement and encouraged with the effort of our joint teams and the performance of the technology.
“This solution delivers true supply chain transparency, exactly what consumers today rightfully demand. We are convinced that the Provenance Proof Blockchain is a pivotal ingredient in enabling the gemstone industry to evolve from trust-based to transparency-based.”
Raphael Gübelin, president of the House of Gübelin, added: “I am pleased to see that the cooperation with Everledger has proven so highly effective and efficient. We have decided to make the Provenance Proof Blockchain accessible to everyone, free of charge, and have it managed independently from our existing businesses. The Gübelin family is proud to make this contribution to foster transparency in our industry.”