How blockchain technology can help end the trade in blood diamonds

Since most commercial diamonds on the market have an unknown origin, and are therefore untraceable, the best way to certify legal and ethical diamonds in the future will be through blockchain technology Diamond giant De Beers said on May 10 that the company had tracked 100 high-value diamonds using blockchain technology Canadian firm Lucara Diamond bought Clara Diamond Solutions in February to incorporate blockchain to track and safeguard diamonds.

Hong Kong-listed ZhongAn Technology, a subsidiary of China's first web-only insurer, ZhongAn Insurance, said in August that it had put the data of 760,000 diamonds on a blockchain to achieve a greater level of traceability Gem Diamonds' 910-ct diamond is not as big as these four diamonds The Diamond Federation of Hong Kong, China, with the Diamond Importers Association and the Hong Kong Diamond Bourse, is committed "To protect the integrity of diamonds and the interests of consumers by standardising business practices" Its mission is to maintain Hong Kong's reputation as the "World diamond centre," to promote quality services and consumer rights, and to ensure an ethical and professional image for the trade and for DFHK members.

Blockchain technology could become the diamond industry's new sheriff. . Source