As a reminder, previously in 2018, Hong Kong-based jewelry retailer Chow Tai Fook Jewellery Group announced using blockchain platform to track diamonds. Some of Chow Tai Fook’s diamonds were put on Everledger’s blockchain diamond tracking platform and secured by the IBM Blockchain Platform.
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.