Ethically sourced bridal jewellery designer, Brilliant Earth has signed a deal with blockchain technology experts Everledger.
The deal sees Everledger create a bespoke blockchain solution for Brilliant Earth’s supply chain. This will enable the jewellery company to provide absolute proof to customers about the provenance of its products.
Carrie George, Brilliant Earth Director of Responsible Sourcing, said: “Brilliant Earth has always been an advocate for transparency and change, and our partnership with Everledger demonstrates our latest step in reaching for the highest standards possible in the jewellery industry.”
What is Brilliant Earth using the Everledger blockchain for?
Brilliant Earth has built its reputation on designing and delivering jewellery free of conflict stones. This is not as simple as it sounds. Despite international efforts to control the flow of precious gems, conflict stones are still making their way into the supply chain. This deal will see all suppliers to Brilliant Earth record all products on the blockchain. Customers will then be able to see exactly where the gems in wedding rings and other jewellery have come from.
The damage caused by blood stones is well documented. However, this is not just about gemstones. The rising price of gold has become a problem for a number of countries. Metals such as Mercury and Arsenic are used to speed up the extraction of gold especially in illegal mining operations. This causes long term environmental damage.
George says: “By integrating Everledger’s blockchain-based solution platform into our current processes, we hope to establish a new standard for addressing social and environmental issues related to mining and manufacturing of gemstones and precious metals.”
What does this mean?
There is a significant shift in terms of buying ethically sourced goods. Much of this is driven by a younger generation who also use their own ethical beliefs to decide who to work for. By bringing in a blockchain-based solution for their supply chain, Brilliant Earth has continued to differentiate itself from the competition. By providing immutable evidence of where its materials come from it can appeal to this ethically and technology aware market.
This is the second deal this week from Everledger. A few days ago they announced a deal with the House of Gübelin to track coloured gemstones. It will be interesting to see how many other jewellers go down this route.
There has been increasing interest in blockchain for supply chain solutions. Most have focused on reducing loss, theft and reducing payment times for suppliers. Everledger is showing that there are other potential reasons for using blockchain. Corporate Social Responsibility programmes are catering for a new generation of employees. Many of these are also based on the ethics and beliefs of the founders of organisations. Everledger is showing that there is a way to extend this to supply chains.
For high value items blockchain also appeals to insurers. There is a premium price attached to ethically sourced goods. Insurers can now be part of this type of blockchain solution allowing them to properly value jewellery.