International Business Machines Corp. or IBM has joined with a consortium of gold and diamond companies and a laboratory to launch the TrustChain Initiative, a blockchain network aimed for increased transparency in the jewelry industry.
In a statement, the company said the first cross-industry initiative would use Blockchain to track and authenticate diamonds, precious metals and jewelry at all stages of the global supply chain, from the mine to the retailer.
TrustChain will be built using IBM blockchain Platform, delivered through the IBM Cloud. The transactions and data points in the jewelry supply chain become "blocks" to represent unique information. Once verified, these would become part of a permanent chain, making it the entire digital record for the piece of jewelry.
In the initiative, IBM is joined with UL, an independent third-party verification, and five diamond and jewelry companies including Rio Tinto Diamonds, Leach Garner, Asahi Refinery, Helzberg and the Richline Group.
The consortium has been working together since the beginning of 2017 and has now completed a proof of concept.
TrustChain used diamonds sourced from Rio Tinto's diamond mines in Australia and Canada for the Proof of Concept, and the jewelry has been designed and manufactured by Richline Jewelry.
TrustChain is initially tracking six styles of diamond and gold engagement rings on the blockchain network. As the program continues to develop, Trustchain jewelry would be accessible to consumers in participating retail stores by the end of 2018. Initially, such jewelry will be sold only at Helzberg Diamonds starting in Fall 2018 and only in select stores. Meanwhile, all responsible jewelry firms, suppliers, and retailers will be welcomed in 2019, the consortium said.
For consumers, TrustChain will provide with a permanent digital record of all the transactions in the diamond and jewelry value chain. The given piece of jewelry will have the tracking that all its component parts and raw materials are fully authenticated and responsibly created.
Bridget van Kralingen, IBM Senior Vice President, Global Industries, Platforms, and Blockchain, said, "Consumers care deeply about the quality and source of the jewelry they purchase. This is evidenced by the fact that 66 percent of consumers globally are willing to spend more to support sustainable brands. TrustChain is an example of how blockchain is transforming industries through transparency and viable new business models that specifically benefit the consumer."
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