How Jewelers are Bringing Diamonds On-Chain

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As blockchain technology develops and matures, we are seeing more and more industries adopt it into their practices. In recent years, this space has moved far beyond the confines of FinTech and has found itself in a myriad of different businesses. One of which is the precious metal and diamond trade.

Many companies have found that blockchain and web3 technologies can help streamline and accelerate this industry across multiple areas. This includes logistics, distribution, sales, and even creativity. Let’s take a look at some examples of how this is being done. 

One of the biggest names in jewelry to collide with blockchain is Tiffany & Co., who recently made headlines for selling out their NFT collection less than 30 minutes after its release. For 30ETH, CryptoPunks holders will be able to commision a bespoke physical gem and diamond encrusted pendant representing their NFT, made by Tiffany & Co. Not only this, but customers will then be given a separate NFT depicting their pendant in their crypto wallets. These are being referred to as NFTiffs and cost a pretty penny of 30 ETH.

Another major player in the diamond trade exploring this space is De Beers. This year they announced the world’s first blockchain-based diamond source platform, named Tracr. This is a distributed network designed to offer accurate and tamper-proof logistical data on the sourcing of diamonds from around the world. The aim is to provide greater transparancy within the trade, and offer more information to consumers. Not only this, but the use of blockchain technology also helps tremendously with authentication, as each diamond can be properly