Industry trailblazers are introducing the first blockchain-supported online marketplace that allows buyers and sellers to connect, and trade traceable and ethically sourced gemstones.

Sustainability start-ups Provenance Proof and Everledger – the forces behind the newly launched Provenance Proof Marketplace – are offering blockchain users the opportunity to link up directly with each other, making access to traceable gems easier and more convenient.

Such a platform has become more important with the market’s rising demand for sustainability and transparency in the gemstone trade, according to Provenance Proof – an initiative by the Gübelin Gem Lab, which subsequently spun off as an independent company.

Raphael Gübelin, president of the House of Gübelin, explained that the online marketplace simplifies facilitated access to and sale of transparently traded gemstones, benefitting gem traders, jewellers and customers. Provenance Proof is not involved in the sales process and does not profit from any proceeds, he added.

The online marketplace is the latest feature of Provenance Proof Blockchain, the first comprehensive and fully functional blockchain dedicated to the gem and jewellery sector. Built and operated with Everledger, it provides a digital, decentralised ledger based on blockchain technology that traces gemstones from mine to end-consumer.

To date, around four million gem and jewellery items have been uploaded to the blockchain and over 500 professional users have joined, including more than 120 jewellers and manufacturers.