Everledger, a global startup that uses   emerging technology -- including blockchain, smart contracts and machine vision --  to assist in the reduction of risk and fraud for banks, insurers and open marketplaces, yesterday announced the launch of   the Diamond Time-Lapse Protocol.

The protocol has been formed, the Company stated,  by the integration of the Diamond Time-Lapse initiative by Dharmanandan Diamonds (DDPL), onto  Everledger’s existing  diamond provenance traceability blockchain platform.

“An industry-first, the Diamond Time-Lapse Protocol engages everyone along the diamond supply chain including miners, dealers, manufacturers, retailers and consumers, to create and track the entire lifetime journey of a diamond that is accessible to all,” the Company said. “Standardised industry data forming the diamond provenance story, including origin, touchpoints  across the diamond manufacturing process as well as official industry standard certifications, will be recorded and encrypted onto the blockchain.”

Everledger Founder & CEO Leanne Kemp commented:  “We are pleased to be driving such a major industry initiative, ensuring data accessibility and transaction transparency for all stakeholders globally. The harmonisation of data protocols is imperative to ensuring a systemic approach to provenance tracking and reporting.”

He added: “We understand the industry’s desire to provide authenticated provenance, stemmed from strong consumers’ interest in the lifetime journey of their diamonds.”

DDPL Director Sales & Marketing, Vipul Sutariya said, “As initiators of the Diamond Time-Lapse traceability programme, we believe blockchain is a fascinating technology and breaks all the existing stereotypes of the diamond industry. Streamlining the processes of the diamond journey from mine to the consumers on the blockchain gives directional solutions to bring transparency and positive change in the industry.

Sutariya went on to say: “The DTL platform definitely benefits the industry at large but also adds value to the lives of the artisans and their families who have dedicated their generations to the trade.”

The Diamond Time-Lapse Protocol  offers two user interfaces: Manufacturer & Retailer User Interface;  and Consumer User Interface. 

The former allows data capture of a  diamond  as it moves through the manufacturing processes.  The relevant   retail information can be recorded when the diamond reaches the point of sale.

The Consumer User Interface,   a mobile application, available in both native iOS and Android versions, can be used by    customers  to login and view the complete provenance report of their purchased diamonds.