Blockchain News

Everledger Launches Version 2.0 of a Blockchain Platform for Tracing the Life Cycle of Diamonds

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UK technology firm Everledger has launched version 2.0 of its blockchain platform, which enables integrating, storing and displaying data of a diamond’s life cycle right from miners, manufacturers, certification houses to retailers.

Everledger founder and CEO Leanne Kemp says,

Everledger’s purpose is to contribute greater clarity and confidence in the marketplaces where increased transparency is essential.

The issue of working conditions for labourers in diamond mines came into focus after it came to light that many diamonds were being sourced from conflict zones in Africa where workers were subjected to slave-like conditions and the proceeds from the sale of the diamonds were going to unscrupulous elements and were being used in many cases to sustain conflict in those areas.

Customers can access the information stored on the Everledger blockchain using a mobile app or even a desktop.

That satisfies customers of the legality of the diamonds as well as the conditions which the workers working in the mines from which those diamonds came; have been subject to.

That leads to a better working environment for labor working in mines. As mining firms have to ensure good working conditions, as well as fair revenue, is dispersed to workers. US-based Fred Meyer Jewelers uses Everledger blockchain to show its customers, data about the life cycle of diamonds in its RockSolid collection.

Spanish jewelry firm Facet will also use Everledger blockchain platform to show life cycle records of its new collection DiamondByway. Facet will be the first European jeweler to do so.

Everledger hopes to make a significant impact on the area of colored gemstones as it is a labor-intensive, loosely regulated industry. It has collaborated with various agencies like Pact and Tanzanian Women Miners Association (TAWOMA) and others who have collectively formed Moyo Gemstones to ensure non-exploitative practices for Tanzanian women working in gemstone mines. To achieve this objective Everledger has also collaborated with Gübelin Gem Lab on the Provenance Proof Initiative.

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