The Diamond industry is a distinct industry where the precious stones have much value placed on it and are often faced with conflict and low-quality production or fake in some instances. This makes trading diamonds quite challenging most times. However, for every problem, there is a solution.
Problems of the diamond transaction is a lingering issue that the impressive technology of cryptocurrency, Blockchain is transforming. The blockchain is gradually changing the field for better operation and optimal utility of the products in the industry.
Rare Carat in Partnership with Everledger to launch Rare Carat, a diamond monitor Tool
Rare Carat and Everledger company have partnered to launch a tool that aids the check of diamond price, quality, and provenance.
Rare Carat is a leading American source of an unbiased diamond adviser, powering millions of diamond searches, and hosting over $1b of shoppers annually. While Everledger a blockchain firm is an independent global emerging technology enterprise. It is focused on creating and maintaining ecosystems of trust to address real-world challenges.
The two partner to develop a tool that helps to check the diamond price, quality, and provenance. It is a free online tool and is needed anywhere diamond transactions are carried out. The tool receives an input of the diamond's certificate, after which the platform will make use of artificial intelligence to assess the diamond and give a detail of the price, strength, and weakness. The information it provides aid the user in making a sound judgment in purchasing.
The tool’s capacity for accuracy is higher than that of Zillow Zestimate and is the first consumer tool to give the diamond price, quality, and the provenance.
The Kimberley Process (KP) and the Dubai's Blockchain Council also partnered in 2016, as they seek to remove conflict diamond off the market with blockchain technology.
Signet Jewelers partnership with De Beers Group to build Tracr. The major difference between the two inventions is the Tracr is more focused on the origin of the diamond while the Rare Carat focuses more on the quality and estimated price. Signet Jewelers, the world’s largest retailer of diamond jewelry, and De Beer Group are South African based diamond firms.
The partnership led to building the Tracr which is the first industry-focused blockchain platform that securely tracks a diamond across the full value chain. Tracr aid the supply chain of diamond from the production to the consumer.
The blockchain is revamping every facet of the society and is now also transforming the diamond industry.