Provenance Proof Blockchain Hits 500K Tracked Colored Gemstones
More than two years after it became available industry-wide, Gübelin and Everledger’s Provenance Proof Blockchain platform has reached a major milestone.
The companies announced Thursday the blockchain platform has now processed more than 500,000 colored gemstones.
They said the tracked stones have comprised more than 50 types of gems from all around the world.
More than 500 organizations are now registered on the platform, from artisanal miners and cutters to jewelry brands, gem labs, and retailers, according to Gübelin and Everledger.
The Provenance Proof Blockchain is designed to keep track of colored gemstones as they travel along the supply chain.
It begins at the mine, and then each transaction adds an immutable entry to the blockchain, resulting in a record that tracks the stone’s journey all the way to the end user.
Data captured includes the gemstone’s characteristics, details of its origin, and the circumstances under which the gem was mined, treated, cut, and set.
Gübelin and Everledger announced during the 2019 Tucson gem shows that the platform was opening to the industry after development and a pilot program with Fura Gems.
The two said environmental and social sustainability-minded retailers have driven the bulk of the platform’s industry adoption since then.