GIA, Chow Tai Fook Launch Blockchain Pilot

RAPAPORT... The Gemological Institute of America (GIA) has partneredwith Chow Tai Fook on a pilot program that will use blockchain to deliverdigital diamond-grading reports. The GIA will create a permanent and immutable record fordiamonds from the jewelry retailer's "T Mark" brand, the organizations said in ajoint statement Wednesday. The platform will begin in a selection of Chow TaiFook's Hong Kong stores before expanding to more of the chain's locations atthe end of the year. "Securely linking T Mark customers to their diamond'sgrading information through the use of blockchain is an important step toenhance consumer trust," said Tom Moses, executive vice president and chieflaboratory and research officer for the GIA. The move is a breakthrough for the industry, adding a newchapter to the customer experience, added Kent Wong, managing director of ChowTai Fook. Through the service - which was developed with blockchain-technologystartup Everledger, and is secured by the IBM Blockchain Platform -the GIA will enter its grading information for T Mark diamonds directly onto ashared blockchain ledger, which will then be transferred to the purchaser via aspecial T Mark app. Once the pilot is over, the GIA plans to open its service tothe entire gem and jewelry industry, it said.