Market NewsNewsJewellers partner with IBM on blockchain

Jewellers partner with IBM on blockchain

International Business Machines Corp., a group of four gold and diamond industry companies and an independent laboratory are developing a blockchain network for tracing the provenance of finished pieces of jewelry from mine to store, Bloomberg reported.

The TrustChain Initiative, which will run on IBM’s technology, includes precious-metals refiner Asahi Refining, U.S. jewelry retailer Helzberg Diamonds, precious-metals supplier LeachGarner, jewelry-maker the Richline Group and verification service UL, said the Bloomberg report.

Products being tracked through the program should be available to consumers shopping for jewelry by year-end, according to a joint statement, the Bloomberg report said.

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