Everledger with JD.com and GIA Case Study
The Challenge
Given the rapid growth in China’s e-commerce, luxury jewellery retailers are increasingly looking to connect with their consumers and build brand loyalty online digitally. The rise of online shopping is of key importance in the Chinese market, where digitally-savvy millennials account for 68% of diamond sales compared to only 45% worldwide.
Amidst this shift to online, one of the biggest challenges facing diamond retailers and e-commerce platforms is diamond fraud. Many Chinese consumers are reluctant to shop online due to concerns about synthetic diamonds or fraudulent certificates. The limited access to secure and trustworthy information about the quality and authenticity of the diamonds and their accompanying certification is preventing Chinese consumers from embracing the e-commerce revolution when buying diamond jewellery.
Now more than ever trusted certification authorities and leading brands must come together to help online consumers enjoy and feel confident when buying from their favourite brands.
The Solution
JD.com and Everledger successfully implemented an inter-blockchain collaboration that, combined with GIA’s long-established diamond grading expertise, empowers JD.com to increase trust and transparency and enhance the digital e-commerce experience for consumers.
The Everledger platform provides JD.com’s customers with an independently verified diamond certificate and origin information through the JD.com app and on JD.com’s mobile and desktop websites. Algorithms help JD.com to identify and reduce the fraudulent use of GIA reports, such as by checking that multiple diamonds aren’t being sold with the same report.
Through this collaboration, JD.com’s customers can check the validity of a GIA diamond grading report and have online access to valuable insights into the characteristics of their diamond before the diamond. Its GIA report even arrives at their doorstep.
The Results
The application of blockchain technology in e-commerce to store verifiable grading report information on the blockchain for consumers to interact with provides unprecedented levels of transparency into the quality and authenticity of the diamonds consumers purchase online. This enhances the digital e-commerce experience and builds more trust in China’s online jewellery market.
Our solution is also supplemented with live streams and customer education initiatives to help customers learn how to avoid fraudulent activity when purchasing diamonds, all of which will provide a superior digital user experience.
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