The Canadian listed mining
company Fura Gems on Monday announced that it is to apply physical tracers to
its emeralds mined in Colombia in South American and then use blockchain
technology to promote transparency in the coloured gemstone industry.
The system, which has been developed by Gübelin Gem Lab and the technology company Everledger, can trace gemstones from the mine through the entire global supply chain to the store. It uses a technology known as blockchain, which at its simplest is a public database that is encrypted with a unique number and a date stamp. Each time that a stone moves along the supply chain it will receive an additional number to record the transaction. The key is that none of the previous information can be altered.
The system uses data produced through analysing nanoparticles which can prove which mine gemstones come from. In addition, information is added about the miner, location, along with a simple description of the stone and a time stamp. All of this information is encrypted and locked into the blockchain so that buyers along the line can be sure of the stone’s provenance. The information can also be used by consumers as part of their insurance of high-value stones.
The president of Fura Gems, Dev Shetty, told that “the blockchain technology is for coloured gemstone as a whole, though we have tested it with our Colombian emeralds. In producing Colombian emeralds, we are able to follow a stone right from the source where it is mined through to when it is set in jewellery via the provenance test. The blockchain will complement and further strengthen our transparency so that we can track stones throughout the whole chain from mine to market”.He added that “we plan to roll out the same technology to rubies in 2019. This is a groundbreaking event not only for the coloured gemstone sector but for the whole jewellery industry as this is the first time you can audit the chain from mine to market”.
The headquarters of Fura Gems is in Toronto, Canada and its administrative headquarters is in the Almas Tower, Dubai.
The system, which has been developed by Gübelin Gem Lab and the technology company Everledger, can trace gemstones from the mine through the entire global supply chain to the store. It uses a technology known as blockchain, which at its simplest is a public database that is encrypted with a unique number and a date stamp. Each time that a stone moves along the supply chain it will receive an additional number to record the transaction. The key is that none of the previous information can be altered.
The system uses data produced through analysing nanoparticles which can prove which mine gemstones come from. In addition, information is added about the miner, location, along with a simple description of the stone and a time stamp. All of this information is encrypted and locked into the blockchain so that buyers along the line can be sure of the stone’s provenance. The information can also be used by consumers as part of their insurance of high-value stones.
The president of Fura Gems, Dev Shetty, told that “the blockchain technology is for coloured gemstone as a whole, though we have tested it with our Colombian emeralds. In producing Colombian emeralds, we are able to follow a stone right from the source where it is mined through to when it is set in jewellery via the provenance test. The blockchain will complement and further strengthen our transparency so that we can track stones throughout the whole chain from mine to market”.He added that “we plan to roll out the same technology to rubies in 2019. This is a groundbreaking event not only for the coloured gemstone sector but for the whole jewellery industry as this is the first time you can audit the chain from mine to market”.
The headquarters of Fura Gems is in Toronto, Canada and its administrative headquarters is in the Almas Tower, Dubai.
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