Provenance Proof Blockchain, the first-ever coloured gemstone blockchain initiated by the Gübelin Gem Lab, in cooperation with technology provider Everledger, will be rolled out and open to the entire industry by February 2019, the two partners have announced in a recent release.

Describing the project as a “true industry solution”, they said it will be “free for all, and open to every participant of the global gemstone and jewellery sector”.

The Provenance Proof Blockchain is currently in its pilot phase with key stakeholders testing the functionality, user-friendliness and security of the technology. This is expected to be completed by the end of the year and the global roll out will begin at the Tucson gem show in February 2019, it was stated.

The lab said that the Provenance Proof Blockchain will enable the tracking of individual gemstones along the value chain; from mine to end consumer. It is part of the Provenance Proof initiative, a long-term programme dedicated to providing the gemstone industry with solutions and services enabling transparency along global supply chains.

The full functionality of the solution, with the system architecture built by Everledger, is now being scrutinized for its ease-of-use, intuitive handling and scalability, the release added. Security, robustness and governance rulings are other factors assessed during the pilot phase.

Additionally, Everledger and the Gübelin Gem Lab have agreed to continue their cooperation beyond this first phase, and develop additional functionalities of the Provenance Proof Blockchain well beyond 2019, the two companies said.

Leanne Kemp, Everledger’s founder and CEO, stated: “We are proud to have been entrusted with building the Provenance Proof Blockchain, and we are excited by the network of participants’ involvement and encouraged with the effort of our joint teams and the performance of the technology. This solution delivers true supply chain transparency, exactly what consumers today rightfully demand. We are convinced that the Provenance Proof Blockchain is a pivotal ingredient in enabling the gemstone industry to evolve from trust-based to transparency-based.”

Raphael Gübelin, President of the House of Gübelin, says: “I am pleased to see that the cooperation with Everledger has proven so highly effective and efficient. We have decided to make the Provenance Proof Blockchain accessible to everyone, free of charge, and have it managed independently from our existing businesses. The Gübelin family is proud to make this contribution to foster transparency in our industry.”