Chow Tai Fook follows the footsteps of others corporation that specializes in diamond mining and retail who have already employed blockchain technology to track their products. For instance, in May, De Beers announced that they tracked 100 high-value diamonds from the mine to the retailer using its blockchain-based platform Tracr.
Diamond and precious stones market is still very open to fraudulent activity and we see this happening all the time. A prime example is Sierra Leone where there are diamonds being mined illegally and people trying to defraud the system by coming up with fake certificates. Large players such as De Beers, Fura Gems looking to blockchain as a way to solve this problem once and for all.