Diamond Ancestry has launched a new proprietary “mine to jewellery” blockchain solution to track Canadian diamonds through the supply chain, underscoring its position as a leading blockchain service provider in the industry.
Transparency and sustainability are key to the future of the natural diamonds sector.
Millennial consumers are driving demand for full disclosure on where diamonds have been sourced.
This demand focus underpins standards in mining and polishing groups, and highlights ethical, environmental, and social responsibilities undertaken throughout a diamond’s journey to the consumer.
“We are really pleased to have built the first platform on a decentralised and open-sourced blockchain with our partners Diamonds de Canada to record and track vital documentation of a natural diamond’s journey from mine to consumer,” said Jonathan Kendall, Co-Founder and CEO at Diamond Ancestry.
“Canadian sourced diamonds meet the requirements of today’s consumers with some of the very highest standards of sustainability in the industry.”
The diamonds are mined in the Northwest Territories of Canada, cut and polished by Diamonds de Canada (a local manufacturer based in Yellowknife), and graded by the AGS Laboratories in the United States before being sold to North American jewellers.
Every step in this chain of activities is memorialised on the blockchain.
“The diamond industry is fully aware of the need for transparency and integrity throughout the business,” Jonathan Kendall said.
“Alongside the Canadian Government of the Northwest Territories we have developed a secure blockchain solution that sets the standards required by consumers. Natural Canadian diamonds are wonderful, rare and beautiful and with the addition of a full chain of custody, clearly memorialised on the blockchain, consumers are getting the ultimate diamond to enjoy and treasure.”
Diamonds de Canada through Diamond Ancestry not only gives the immutable traceability on their diamonds, but also offers clients the ability to encapsulate that journey into a Non-Fungible Token (NFT).
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