Ever since the discovery of gems, these have remained a symbol of exquisiteness and luxury. The perfect radiance and brilliance of gems have passed the test of time and have come a long way in enticing customers since the beginning. This aspect has remained instrumental in keeping the value of gems and jewellery high.
However, the jewellery industry has also been in a bad light due to unethical practices that are rampant. While some suppliers hand over fake gems, others are handing over false grade reports to their customers. Heated debates about provenance in the jewellery industry are also common. To counter it, jewellery manufacturers have started implementing and executing blockchain technology solutions. The technology is helping improve the global provenance in the jewellery supply chain. This means absolute traceability of every element in the supply chain; from mines to the production and to retailers. So, without further ado, let’s delve into how blockchain is helping the jewellery industry.
Blockchain: A Promise of Transparency
Since only experts were able to spot the difference between a synthetic and original diamonds, bringing an end to the issue was essential. Blockchain, a breakthrough technology, is doing just this; putting an end to consumer’s mistrust.
Right from the mine to its final destination, every transaction is recorded as blocks chained together to form the complete record. Buyers can scan the QR code and can track the whole supply chain right away. This secure and transparent record tracking makes it impossible to manipulate the document, information or transaction record.
KGK Group: Setting a New Benchmark in the Industry
KGK understands the need of blockchain and how important it is to make transactions transparent. So, the group has partnered with a Singapore-based blockchain company to make natural diamonds available to all, making it a promising investment option for jewellers and investors alike.
While there are other trust mechanisms in place ensuring the authenticity of our gems, this venture is one of the steps towards strengthening industrial capabilities with their core in trust. Our gemstones, especially diamonds, will have a new benchmark in the industry.
Having said that, blockchain is a boon for jewellers, dealers, and collectors alike. It’s just like an umbrella that offers protection from unethical practices. The opportunities for positive change within the luxury business like jewellery are endless. And, KGK takes pride in being one of the finest top 10 diamond companies in the world with a unique repute and strong global presence. Our huge collection of gemstones that infuse the natural beauty of the stone with a new dimension of trust and reliability are unmatched and unparalleled.