Blockchain

Gemfields Sells Emeralds With Provenance Proof Blockchain Technologies

Leading mining firm, Gemfields created a buzz in the blockchain technology niche as it spearheads the launch of high-quality emeralds studded with the Emerald Paternity Test along with its placement on the Provenance Proof Blockchain. The firm unveiled the revolutionary emeralds during the latest Gemfields auctions organized in Singapore. Surprisingly, more than 13 kilograms of these innovative and high-grade gemstones were purchased by the attendees of the auction.

According to the latest reports, this event gained a lot of popularity from the investors as it was for the first time ever that best-quality gemstones infused with both Provenance Proof traceability technologies became a part of the supply chain network. The gemstones which entered the supply chain will soon be available to jewelry brands, retailers, etc. The new ecosystem will offer the highest levels of transparency within the network and will pave the way for customized offerings in the retail sector.

With the adoption of Provenance Proof Blockchain technologies, the gemstone industry is likely to get revolutionized in a big way. The purchaser firms or the customers will now be able to track down the entire path of the origin of their precious gemstones right from their mining process in just a few clicks on the portal. Adrian Banks, the managing director of product and sales at Gemfields, commented that,

“Consumers are increasingly interested in the origin of their gems and how they can be responsibly mined to have a positive impact on the countries they are from.”

The perfect combination of two revolutionary Provenance proof technologies- a physical tracer and a digital ledger- has ensured the gemstone industry with a new system, which is all about maintenance of transparency in all its respects. Provenance Proof, which was the brainchild of Gübelin Gem Lab, has recently established itself as an independent firm. The platform is the creator of both the Emerald Paternity Test and the Provenance Proof Blockchain.

The Provenance Proof Blockchain, which was designed in collaboration with tech provider Everledger, serves as a digitalized, immutable record that keeps track of the crucial data concerning the gemstones infused into the supply chain. The person holding the gemstone at the very moment will be the current owner, and he/she will be entitled to enjoy access to the secure, user-friendly, transparent, and privacy-oriented platform giving details about the specific gemstone. Permission-Based access will be enjoyed by everyone belonging to the industry.

Raphael Gübelin, the honorable President of the House of Gübelin, quoted that,

“Each technology works perfectly on its own, but a combination of both provides even more robust transparency.”

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Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.
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