Tokyo-headquartered Pure Diamond Lab is tapping blockchain technology to track the production, refinement and appraisal of its lab grown diamonds.
“Information on cultivation, refinement and appraisal of lab grown diamonds is collected and digitalised, creating a profile that is available to the end consumer, thus increasing transparency and enhancing the retail experience,” the company says in a press release.
It has brought in Junma Kawasaki, the ’White Hat’ hacker that solved Coincheck’s 500 million NEM hack in January, to head up the project. He believes that the initiative is “the correct way to use blockchains,” whilst Pure Diamond Lab’s Producer Hideyuki Abe adds the technology “gives every diamond a story.”
To expand the project, the company plans to use the ICO of Pure Diamond Coin (PDC), a cryptocurrency secured by Pure Diamond Farm Singapore to fund equipment and R&D.
Lab grown diamonds are part of a push to make the industry more sustainable and ethical. Cultivating diamonds in a laboratory environment relieves the pressure of demand on mines, which is a threat to the environment. Pure Diamond Lab also claims that its blockchain technology helps prevent the distribution of so-called ‘blood diamonds,’ that is, diamonds mined in war zones and sold to finance further conflicts.
In May, Coin Rivet reported that the world’s largest diamond jewellery retailer, Signet Jewelers, had signed on with De Beers Group’s blockchain platform, Tracr.
This is currently in pilot phase with the aim of creating a tamper-proof, immutable record of a diamond’s journey throughout the full value chain. The platform is being developed by De Beers Group with support from BCG Digital Ventures and is expected to launch later this year. In May, De Beers Group announced an industry first, successfully tracking 100 high-value diamonds along the value chain on Tracr.
Bruce Cleaver, CEO, De Beers Group, said: “Tracr is focussed on bringing the benefits of blockchain technology to the full diamond value chain, providing consumers with confidence, the trade with increased efficiency and lower costs, and lenders to the industry with greater visibility. Signet has deep insights into the needs of consumers, and our collaboration will ensure that consumers remain the focus of Tracr.”
Virginia C. Drosos, CEO, Signet Jewelers, commented: “Responsible sourcing of diamonds has always been an integral part of our corporate ethos, and this will be further strengthened through our cooperation with Tracr. We are joining the pilot because we believe the project not only has strong potential to facilitate increased transparency and confidence within the industry, but it can also foster much-needed digital transformation.”