Everledger with GIA and Chow Tai Fook Case Study
The Challenge
Tracing the characteristics of a diamond has always been a challenge for the industry. That’s why leading independent diamond grading authority Gemological Institute of America (GIA) has, since 1931, provided trusted grading information detailing a diamond’s quality.
Up until now, grading information has been provided in the form of a paper report. With the growing demand from consumers to have easy-to-experience information available anytime and anywhere, paper reports would need to be complemented by a digital, mobile-friendly platform. And with increasing reports of lab-grown diamonds infiltrating the natural diamond supply chain, there was an opportunity for customers to benefit not only from a more streamlined user experience, but also from greater traceability and security (read more on diamond provenance).
The Solution
Together with renowned jewellery group Chow Tai Fook and GIA, we launched a paperless solution delivering diamond grading reports on the blockchain to consumers. This digital platform provides the same independent, accurate and unbiased analysis that GIA has been providing since 1931, but now with greater convenience and traceability. And because it uses the blockchain, it’s based on information that is entirely secure, private and unalterable.
With our technology to underpin it, Chow Tai Fook has been able to strengthen its T MARK diamond brand with a promise based on ‘4Ts’: traceable, truthful, thoughtful and transparent. All backed up by information carried to customers via a T MARK app.
The Results
A more holistic insight into the footprint of each diamond is now provided through Chow Tai Fook’s ‘4Ts’ concept and enabled by our technology.
In addition, end consumers now receive a permanent and unalterable blockchain record of their diamond’s GIA grading information, giving them unprecedented visibility and confidence in their piece of jewellery.
This industry breakthrough is now available for thousands of stones harnessing the power of blockchain technology to deliver more knowledge, security and trust.
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