Nearly all engagement rings have two key components: a gold or platinum setting, and a diamond center. Now suppose a prospective groom was interested in buying a new diamond engagement ring, but they wanted to make sure that each component used did not come from unethical sources. Unfortunately, not many jewelers offer products that can be easily traceable to their genuine sources. The jewelry supply chain is quite opaque, and you could end up using ornaments that have been made under some very questionable situations. A new blockchain startup, Borsetta, is seeking to bring more transparency, trust and value in the jewelry supply chain.
The Solution To Ethical Jewelry Production
The terms “dirty gold” and “blood diamonds” are used to refer to jewelry created to either finance conflicts in war torn countries, or precious stones that are mined under poor working conditions. How can you ensure that you are buying a conflict-free piece of jewelry? Borsetta aims to validate the entire jewelry supply chain so that buyers can get important details including the genuine proof of origin, process of production, past ownership, certification and other transactions. All this data will be stored in the blockchain in a secure, decentralized format that cannot be tampered with at any stage.
Empowering Jewelry Producers
Through Borsetta, jewelry producers, whether single artisans or major brands, will have the benefit of interacting with their clients at every stage of the production process. This will make it easier for jewelry makers to adapt constantly to their client needs. Furthermore, the distributed nature of a blockchain network will also make it easier for seamless knowledge sharing to occur amongst artisans from different parts of the world. The end result is that Borsetta will increase competitiveness amongst producers, which will ultimately lead to better quality products for consumers to buy.
As part of empowering jewelry producers, Borsetta will also integrate a security framework that will safeguard trademarks, patents and copyrights. This will encourage artisans to continue creating unique concepts and designs without the worry that their work will be stolen by anyone. Borsetta’s blockchain supply chain solution may help to significantly reduce counterfeit practices, which end up costing producers a lot of lost revenue.
Improving Consumer Confidence
It has been said that a smarter investor will seek vintage and rare collectable jewelry pieces when making a purchase. This explains why many people today use fine jewelry as an investment instrument, with the certainty that the value of their collection will appreciate with time. However, there are numerous cases of fraud reported, whereby the jewelry listed as vintage was actually a fake or just a regular piece from the factory line. Borsetta will certify and verify all antique or heirloom jewelry to ensure that the consumer can confidently make the purchase without any worry. All the retailers will be authenticated to guarantee that they can provide products that match consumer needs.
Borsetta seeks to provide transparency in the entire jewelry supply chain, starting from the producers and designers to the retailers and consumers. This system is designed to promote ethical production of jewelry and it should promote sustainable production. The firm is already working with the leading gem producers, retailers and designers to give its users access to some of the best products, while guaranteeing security, traceability and proof of origin.