The United States Jewelry Council (USJC) hosted an information session for its members at which the De Beers Group presented the new diamond blockchain initiative it has been developing. The Council is a group of U.S.-based jewelry trade associations working to ensure the U.S. jewelry industry is collectively represented on issues related to responsible and sustainable sourcing at government and international levels.
At the session, the De Beers Group outlined the potential benefits of the blockchain initiative to the US diamond trade and confirmed it will ensure that commercially sensitive data is protected. The USJC is pleased to note that De Beers has stated that the technology will be open and accessible to the entire trade and that De Beers will continue to consult with industry participants as the initiative progresses.
“This is a very important step for the whole industry,” said David Bonaparte, President and CEO of Jewelers of America and Treasurer of USJC. “We think this has the potential to provide consumers with a significantly greater level of assurance when buying diamond jewelry and we are excited to be a part of it. As the representative body of the US jewelry trade, we commend De Beers for its leadership.”
Ronnie VanderLinden, President of The Diamond Manufacturers & Importers Association of America and USJC President said, “While this is still at an early stage of development, De Beers’ willingness to cooperate with and seek advice from all industry participants bodes well for the successful development and implementation of this initiative. We look forward to continuing to work with them as it develops so we can make sure our members stand to see the maximum benefit.”
