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What Does Blockchain Mean for the Diamond Industry?

Q Report Team

Updated on March 17, 2025
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Blockchain has become a promising technology for the diamond industry as it offers a measure of transparency around the history of a diamond. The ability to track a diamond through the supply chain helps build trust and accountability, which was lacking in the diamond industry before the introduction of blockchain. 

What is Blockchain?

Blockchain is a distributed (shared) digital ledger that can store data of any kind. Data commonly stored in a blockchain is information about cryptocurrency transactions and non-fungible token (NFT) ownership. 

Blockchain is decentralised, which means data is shared across multiple locations and networks. No single person is managing or holding the information—it’s spread across multiple networks referred to as ‘nodes’. This setup makes it almost impossible to erase or change the data contained in the blockchain.

The digital ledger consists of ‘data blocks’ that link together to form a chain. As new data is added to the blockchain network, a new data block is created and added to the chain. Every time data is added to the blockchain, it is encrypted, time-stamped and permanently stored. After this happens, all nodes update to ensure all versions of the blockchain digital ledger are identical. 

How Blockchain Makes a Difference in the Diamond Industry

It’s often hard to detect when double financing, document tampering, fraudulent claims, and false identification of synthetic stones occur. The introduction of the Kimberly Process was supposed to help identify conflict diamonds, but it hasn’t proven to be overly effective due to its reliance on paper-based transaction records.

A diamond can have a transparent, traceable, and permanent record that can’t be altered by using blockchain. Blockchain creates a permanent, unchangeable audit trail that shows the journey of a diamond, starting from when it was first mined.

Here are specific ways that blockchain is changing the diamond industry.

Supply Chain Visibility

Diamonds are forever, but their supply chains are not.

The diamond market has a long supply chain, making it challenging to determine if a diamond is naturally mined, synthetically created or ethically sourced. Tracking (from origin to market) and tracing (from market to origin) can help ascertain the diamond’s journey while also identifying it within a supply chain. 

In 2018, IBM, together with a consortium of leading diamond jewellery companies worldwide, announced a unique blockchain collaboration called TrustChain.

TrustChain utilises blockchain technology to deliver better sourcing transparency and visibility into the supply chain. As the head of the consortium behind TrustChain, IBM uses blockchain to track and authenticate diamonds, precious metals, and jewellery at all stages of the global supply chain.

Blockchain technology promises a permanent and unchangeable provenance record for supply-chain partners, providing traceability.

Sustainability

Climate change has increased the demand for specific information, such as how raw materials are used in jewellery production and how they are extracted and processed. 

Media and non-government organisations (NGOs) are constantly scrutinising the origin and sustainability of various gemstones and human rights issues involved in producing diamonds.

With blockchain providing supply chain visibility and transparency, a supply chain's environmental and social impact can also be determined, as a diamond’s entire life cycle is recorded in the blockchain.

It is also important to note that mined diamonds provide tremendous socio-economic benefits to developing countries. Mining in South Africa has allowed for the construction and development of hospitals, schools, and sanitation facilities and improves the very basic needs of the local population. These factors are often not appreciated by western countries and are sometimes taken for granted.

Consumer Confidence

Even though diamonds represent true love, luxury and beauty, some have a dark side. 

Counterfeiters flood the market with convincing fakes, while unethical companies mine blood diamonds. All of these raise the constant question of authenticity and ethical sourcing. 

Being an independent and transparent database shared across a community and co-existing in multiple locations, blockchain builds trust and consumer confidence. 

Jewellery brands can use blockchain technology to maintain consumer confidence by:

  • Preventing people from passing off synthetic diamonds as natural
  • Ensuring that diamonds are not from conflict zones where gems are used to finance violence.

For example, DeBeers created a blockchain-based tracking program, Tracr, enabling jewellers to identify the mines their merchants patronise. 

Tracr creates a unique global ID that stores individual diamond properties such as carat, colour, cut, and clarity through integration with the participants’ record-keeping systems as a diamond travels down the supply chain.

Final Thoughts

Blockchain has enormous potential to provide accountability in the diamond industry, and it’s doing so already, diamond by diamond. 

Using blockchain technology for provenance tracking ensures transparency and accountability throughout the supply chain.

With blockchain, you don’t have to worry about the source of your diamonds or how they were cut and polished. All you need to worry about is saying yes to your partner and ensuring you protect your stunning new diamond ring by having it comprehensively insured from the get-go.

Contact us to get a Q Report quote for your jewellery insurance. We offer you peace of mind by knowing that you are fully covered, no matter what happens.

 

Purchase Amount

To get an accurate insurance quote, please provide the amount from your purchase receipt.

Don't have the receipt?

If you don't have the receipt, you can provide the most recent valuation amount instead.

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play-audio
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Blockchain has become a promising technology for the diamond industry as it offers a measure of transparency around the history of a diamond. The ability to track a diamond through the supply chain helps build trust and accountability, which was lacking in the diamond industry before the introduction of blockchain. 

What is Blockchain?

Blockchain is a distributed (shared) digital ledger that can store data of any kind. Data commonly stored in a blockchain is information about cryptocurrency transactions and non-fungible token (NFT) ownership. 

Blockchain is decentralised, which means data is shared across multiple locations and networks. No single person is managing or holding the information—it’s spread across multiple networks referred to as ‘nodes’. This setup makes it almost impossible to erase or change the data contained in the blockchain.

The digital ledger consists of ‘data blocks’ that link together to form a chain. As new data is added to the blockchain network, a new data block is created and added to the chain. Every time data is added to the blockchain, it is encrypted, time-stamped and permanently stored. After this happens, all nodes update to ensure all versions of the blockchain digital ledger are identical. 

How Blockchain Makes a Difference in the Diamond Industry

It’s often hard to detect when double financing, document tampering, fraudulent claims, and false identification of synthetic stones occur. The introduction of the Kimberly Process was supposed to help identify conflict diamonds, but it hasn’t proven to be overly effective due to its reliance on paper-based transaction records.

A diamond can have a transparent, traceable, and permanent record that can’t be altered by using blockchain. Blockchain creates a permanent, unchangeable audit trail that shows the journey of a diamond, starting from when it was first mined.

Here are specific ways that blockchain is changing the diamond industry.

Supply Chain Visibility

Diamonds are forever, but their supply chains are not.

The diamond market has a long supply chain, making it challenging to determine if a diamond is naturally mined, synthetically created or ethically sourced. Tracking (from origin to market) and tracing (from market to origin) can help ascertain the diamond’s journey while also identifying it within a supply chain. 

In 2018, IBM, together with a consortium of leading diamond jewellery companies worldwide, announced a unique blockchain collaboration called TrustChain.

TrustChain utilises blockchain technology to deliver better sourcing transparency and visibility into the supply chain. As the head of the consortium behind TrustChain, IBM uses blockchain to track and authenticate diamonds, precious metals, and jewellery at all stages of the global supply chain.

Blockchain technology promises a permanent and unchangeable provenance record for supply-chain partners, providing traceability.

Sustainability

Climate change has increased the demand for specific information, such as how raw materials are used in jewellery production and how they are extracted and processed. 

Media and non-government organisations (NGOs) are constantly scrutinising the origin and sustainability of various gemstones and human rights issues involved in producing diamonds.

With blockchain providing supply chain visibility and transparency, a supply chain's environmental and social impact can also be determined, as a diamond’s entire life cycle is recorded in the blockchain.

It is also important to note that mined diamonds provide tremendous socio-economic benefits to developing countries. Mining in South Africa has allowed for the construction and development of hospitals, schools, and sanitation facilities and improves the very basic needs of the local population. These factors are often not appreciated by western countries and are sometimes taken for granted.

Consumer Confidence

Even though diamonds represent true love, luxury and beauty, some have a dark side. 

Counterfeiters flood the market with convincing fakes, while unethical companies mine blood diamonds. All of these raise the constant question of authenticity and ethical sourcing. 

Being an independent and transparent database shared across a community and co-existing in multiple locations, blockchain builds trust and consumer confidence. 

Jewellery brands can use blockchain technology to maintain consumer confidence by:

  • Preventing people from passing off synthetic diamonds as natural
  • Ensuring that diamonds are not from conflict zones where gems are used to finance violence.

For example, DeBeers created a blockchain-based tracking program, Tracr, enabling jewellers to identify the mines their merchants patronise. 

Tracr creates a unique global ID that stores individual diamond properties such as carat, colour, cut, and clarity through integration with the participants’ record-keeping systems as a diamond travels down the supply chain.

Final Thoughts

Blockchain has enormous potential to provide accountability in the diamond industry, and it’s doing so already, diamond by diamond. 

Using blockchain technology for provenance tracking ensures transparency and accountability throughout the supply chain.

With blockchain, you don’t have to worry about the source of your diamonds or how they were cut and polished. All you need to worry about is saying yes to your partner and ensuring you protect your stunning new diamond ring by having it comprehensively insured from the get-go.

Contact us to get a Q Report quote for your jewellery insurance. We offer you peace of mind by knowing that you are fully covered, no matter what happens.

 

Table of Contents

Introduction
Understanding the 4 Cs of Diamonds
Diamond Shapes
Choosing a Ring Style
Selecting a Ring Retailer

Understanding Mechanical Movements

Rolex-super-precision

Unlike their battery-powered quartz counterparts, luxury watches have a beating heart – the mechanical movement. First created in the 14th century, large, weight-driven tower clocks with verge escapements and foliot balances marked the dawn of mechanical timekeeping.

Today, the core concept of mechanical movements remains unchanged from its original conception. It involves an intricate arrangement of gears, springs, and an escapement powered by a wound mainspring. This precision engineering allows for smooth operation and precise timekeeping.

Manual watch movements require the wearer to wind the crown periodically. Automatic watch movements, on the other hand, utilise the wearer's movements to keep the mainspring wound, offering a convenient everyday solution.

The Patek Philippe Calatrava, with its ultra-thin manual movement, exemplifies the elegance of traditional watchmaking. On the other hand, the Rolex Oyster Perpetual, with its self-winding mechanism epitomises practicality and durability.

Whether manual or automatic, a mechanical movement imbues a luxury watch with a soul, a testament to human ingenuity and a treasured heirloom for generations to come

Luxury Watch Complications: Exploring Hidden Features & Functionality

Luxury watches often boast 'complications,' intricate mechanisms that add layers of sophistication, style and utility. Here, we explore some of the most fascinating complications created by the best luxury watch brands.

Statistic Heading

Rolex-super-precision

Unlike their battery-powered quartz counterparts, luxury watches have a beating heart – the mechanical movement. First created in the 14th century, large, weight-driven tower clocks with verge escapements and foliot balances marked the dawn of mechanical timekeeping.

Today, the core concept of mechanical movements remains unchanged from its original conception. It involves an intricate arrangement of gears, springs, and an escapement powered by a wound mainspring. This precision engineering allows for smooth operation and precise timekeeping.

Manual watch movements require the wearer to wind the crown periodically. Automatic watch movements, on the other hand, utilise the wearer's movements to keep the mainspring wound, offering a convenient everyday solution.

The Patek Philippe Calatrava, with its ultra-thin manual movement, exemplifies the elegance of traditional watchmaking. On the other hand, the Rolex Oyster Perpetual, with its self-winding mechanism epitomises practicality and durability.

Whether manual or automatic, a mechanical movement imbues a luxury watch with a soul, a testament to human ingenuity and a treasured heirloom for generations to come

Peace of Mind: An engagement ring is a significant financial and sentimental investment. Specialised engagement ring insurance provides financial protection in the event of loss, theft or damage by ensuring you can recover the ring's monetary value or repair or replace.

Peace of Mind: An engagement ring is a significant financial and sentimental investment. Specialised engagement ring insurance provides financial protection in the event of loss, theft or damage by ensuring you can recover the ring's monetary value or repair or replace.

Peace of Mind: An engagement ring is a significant financial and sentimental investment. Specialised engagement ring insurance provides financial protection in the event of loss, theft or damage by ensuring you can recover the ring's monetary value or repair or replace.

Peace of Mind: An engagement ring is a significant financial and sentimental investment. Specialised engagement ring insurance provides financial protection in the event of loss, theft or damage by ensuring you can recover the ring's monetary value or repair or replace.

Common Diamond Alternatives
for Engagement Rings

Tanzanite

Contents insurance is essential for anyone who owns valuable items, as it helps protect you should a potential loss occur in your.

Aquamarine

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Sapphire

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Luxury Watch Complications: Exploring Hidden Features & Functionality

Luxury watches often boast 'complications,' intricate mechanisms that add layers of sophistication, style and utility. Here, we explore some of the most fascinating complications created by the best luxury watch brands.

Peace of Mind: An engagement ring is a significant financial and sentimental investment. Specialised engagement ring insurance provides financial protection in the event of loss, theft or damage by ensuring you can recover the ring's monetary value or repair or replace.

Peace of Mind: An engagement ring is a significant financial and sentimental investment. Specialised engagement ring insurance provides financial protection in the event of loss, theft or damage by ensuring you can recover the ring's monetary value or repair or replace.

Peace of Mind: An engagement ring is a significant financial and sentimental investment. Specialised engagement ring insurance provides financial protection in the event of loss, theft or damage by ensuring you can recover the ring's monetary value or repair or replace.

Peace of Mind: An engagement ring is a significant financial and sentimental investment. Specialised engagement ring insurance provides financial protection in the event of loss, theft or damage by ensuring you can recover the ring's monetary value or repair or replace.

“Knowing your engagement ring is insured brings peace of mind. Accidents can happen, and insurance coverage alleviates the worry and stress of potential loss or damage.”

Unlike their battery-powered quartz counterparts, luxury watches have a beating heart – the mechanical movement. First created in the 14th century, large, weight-driven tower clocks with verge escapements and foliot balances marked the dawn of mechanical timekeeping.

Today, the core concept of mechanical movements remains unchanged from its original conception. It involves an intricate arrangement of gears, springs, and an escapement powered by a wound mainspring. This precision engineering allows for smooth operation and precise timekeeping.

Manual watch movements require the wearer to wind the crown periodically. Automatic watch movements, on the other hand, utilise the wearer's movements to keep the mainspring wound, offering a convenient everyday solution.

The Patek Philippe Calatrava, with its ultra-thin manual movement, exemplifies the elegance of traditional watchmaking. On the other hand, the Rolex Oyster Perpetual, with its self-winding mechanism epitomises practicality and durability.

Whether manual or automatic, a mechanical movement imbues a luxury watch with a soul, a testament to human ingenuity and a treasured heirloom for generations to come

Export
Expert Tip

Budget Considerations

Diamond shapes can vary in price due to popularity and demand. Round brilliants, for example, tend to be more expensive than other shapes due to their high demand. If budget is a concern, consider alternative shapes or prioritise other aspects, such as cut quality, over the shape itself.

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Jewellery Insurance FAQ

Contents insurance covers the items within your home in case they are damaged, lost or stolen. This can include furniture, electronics, clothing and other personal.  Contents insurance is essential for anyone who owns valuable items, as it helps protect you should a potential loss occur in your.

Contents insurance covers the items within your home in case they are damaged, lost or stolen. This can include furniture, electronics, clothing and other personal.  Contents insurance is essential for anyone who owns valuable items, as it helps protect you should a potential loss occur in your.
Home Security Fortification

An engagement ring is a significant financial and sentimental investment. Specialised engagement ring insurance provides financial protection in the event of loss, theft or damage by ensuring you can recover the ring's monetary value or repair or replace.

An engagement ring is a significant financial and sentimental investment. Specialised.

Travel Savvy

An engagement ring is a significant financial and sentimental investment. Specialised engagement ring insurance provides financial protection in the event of loss, theft or damage by ensuring you can recover the ring's monetary value or repair or replace.

An engagement ring is a significant financial and sentimental investment. Specialised.

Social Media Caution

An engagement ring is a significant financial and sentimental investment. Specialised engagement ring insurance provides financial protection in the event of loss, theft or damage by ensuring you can recover the ring's monetary value or repair or replace.

An engagement ring is a significant financial and sentimental investment. Specialised.

Regular Valuations

An engagement ring is a significant financial and sentimental investment. Specialised engagement ring insurance provides financial protection in the event of loss, theft or damage by ensuring you can recover the ring's monetary value or repair or replace.

An engagement ring is a significant financial and sentimental investment. Specialised.

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Contents insurance is essential for anyone who owns valuable items, as it helps protect you should a potential loss occur in your.

Luxury Watch Complications: Exploring Hidden Features & Functionality

Luxury watches often boast 'complications,' intricate mechanisms that add layers of sophistication, style and utility. Here, we explore some of the most fascinating complications created by the best luxury watch brands.

Home Security Fortification

Contents insurance covers the items within your home in case they are damaged, lost or stolen. This can include furniture, electronics, clothing and other personal.  Contents insurance is essential for anyone who owns valuable items, as it helps protect you should a potential loss occur in your.

Purchase Amount

To get an accurate insurance quote, please provide the amount from your purchase receipt.

Don't have the receipt?

If you don't have the receipt, you can provide the most recent valuation amount instead.

OK

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