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Chow Tai Fook Jewellery Group, reputed as one of the leading jewellery retailers in Hong Kong, is set to launch a blockchain platform to track diamonds. The jewellery retailer would follow the footsteps of De Beers, the global diamond giant which has already ventured into the world of blockchain in May.
Developed by blockchain startup Everledger with assurance from IBM Blockchain Platform, Chow Tai Fook’s latest initiative will allow customers to see and determine the origin, authenticity as well as the quality of the diamond(s) sold in its T Mark-branded stores. The information can be obtained using a blockchain app known as the T Mark app.
According to Alan Chan, the jewellery retailer’s general manager of group branding, the blockchain initiative was introduced to capture the young consumer segment. Young consumers with interest in the entire cycle of diamonds, as well as jewellers, are now able to to determine the origin and authenticity of gemstones with the use of modern technology.”
His sentiment is echoed by Kent Wong, the jewellery retailer’s group managing director. He said, “Not only does this initiative (T Mark) make it easier for consumers to manage their assets conveniently and efficiently, it is a long-term and invaluable investment that enriches consumers’ knowledge of their diamonds.”
The aforementioned initiative has since rolled out from 3,000 T Mark diamond reports in four of its Hong Kong stores including Causeway Bay, Mongkok, Tsim Sha Tsui and Tuen Mun, to a subsequent extension of 10,000 in 10 stores.