{"id":1090856,"date":"2018-12-19T13:33:02","date_gmt":"2018-12-19T13:33:02","guid":{"rendered":"http:\/\/www.mining.com\/?p=959905"},"modified":"2018-12-19T13:33:02","modified_gmt":"2018-12-19T13:33:02","slug":"jewellery-giant-chow-tai-fook-joins-de-beers-diamonds-tracking-pilot","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1090856","title":{"rendered":"Jewellery giant Chow Tai Fook joins De Beers diamonds tracking pilot"},"content":{"rendered":"

Hong Kong-based jewellery giant Chow Tai Fook\u00a0became Wednesday<\/a> the latest industry heavyweight to join De Beers’ pilot of its\u00a0end-to-end diamond blockchain program<\/a>\u00a0called Tracr, which aims at clearing the supply chain of imposters and conflict stones.<\/p>\n

Chow Tai Fook\u2019s participation will further extend the platform\u2019s reach into the Asian diamond sector, particularly in Greater China, world\u2019s No. 1 diamond producer by value De Beers said<\/a>.<\/p>\n

The Asian company is not foreign to initiatives to provide a single, tamper-proof and permanent digital record \u2014 from mine to consumer \u2014 for every diamond.<\/p>\n

In September, the jewellery retailer had introduced a similar project developed with blockchain provider Everledger and secured by the IBM Blockchain Platform.<\/p>\n

Tracr gives each diamond a unique ID that stores its characteristics such as weight, colour and clarity.<\/q><\/p>\n

While the companies didn\u2019t mention whether Chow Tai Fook had given up on its own tracking system or simply decided to test De Beers\u2019 alternative at once, managing director Kent Wong noted that authenticity, provenance and traceability are becoming extremely important in the jewellery sector.<\/p>\n

\u201cWe believe that our participation in Tracr will help ensure we are at the forefront of this important issue,” Wong said in the joint statement<\/a>.<\/p>\n

Chow Taik Fook is just one of many sector leaders to have recently adopted distributed ledger technology, an umbrella term for a shared and synchronized database, to ensure the authenticity of the diamonds they sell by tracking them, from mine to shop. Their involvement is seen by analysts as an opportunity to clearly signal that they are willing to establish a closer and more transparent relationship with their consumers.<\/p>\n

The world\u2019s largest diamond jewellery retailer, Signet,\u00a0was one of the first ones<\/a> to join De Beers\u2019 pilot earlier this year. Even Russia\u2019s Alrosa (MCX:ALRS), the world\u2019s No.1 diamond producer by output and De Beers\u2019 main competitor, is now testing Tracr<\/a>.<\/p>\n

The blockchain platform gives each diamond a unique ID that stores stones characteristics such as weight, colour and clarity. To support the process, the system will also incorporate photos and planned outcome images.<\/p>\n

Supporters of\u00a0blockchain say the technology could soon become the verification standard<\/a>. Several challenges will have to be overcome first, particularly those affecting smaller brands. Some of them have suggested that, at a time when the origin of diamonds has never been more scrutinized, the idea of blockchain is being overrated by laboratories loving the idea of charging for source testing.<\/p>\n

The post Jewellery giant Chow Tai Fook joins De Beers diamonds tracking pilot<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Hong Kong-based company’s involvement will further extend the platform’s reach into the Asian diamond sector, particularly in Greater China, De Beers says. <\/p>\n

The post Jewellery giant Chow Tai Fook joins De Beers diamonds tracking pilot<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[647,651,506,404,369,438],"tags":[30],"class_list":["post-1090856","post","type-post","status-publish","format-standard","hentry","category-asia","category-de-beers","category-diamond","category-mining-news-and-commentary","category-miningcom","category-suppliers-news","tag-china"],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1090856","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1090856"}],"version-history":[{"count":5,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1090856\/revisions"}],"predecessor-version":[{"id":1090962,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1090856\/revisions\/1090962"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1090856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1090856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1090856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}