Jointly developed a blockchain system to ensure the reliability of natural diamonds, and began operating the system in January.
■Decided to introduce a system so that customers can purchase diamonds with peace of mind
In the precious metals industry, where natural diamonds and other diamonds are handled, diamonds are sometimes sold with false information or without the seller being aware of the deception. In addition to natural diamonds, the following four types of diamonds are available on the market.
(1) Synthetic diamonds*1
(2) Conflict diamonds*2
(3) Secondary processed diamonds*3
(4) Falsified certificates
The problem is that the information is not or cannot be disclosed and sold to customers. The value of a diamond lies not only in its quality. The value of a diamond is evaluated by the process of selling it: where it was found, how it was polished, and who owns it. Therefore, a diamond that fails to disclose information puts the customer at a disadvantage.
One reason for this is that separate companies are in charge of the diamonds from purchase to sale, making it easy to falsify the recorded production history.
Virgin Diamonds centrally manages the production history of diamonds from purchase to polishing, processing, and sales. As part of our efforts to ensure reliability, we import diamonds purchased from the rough and issue a GIA (Gemological Institute of America) certificate of origin before selling them. To prevent falsification of certificates, we place the certificate issued by GIA in a special sealed container.
As a system to ensure the reliability of diamonds, we have developed a traceability viewer system in collaboration with MIARE.
Using this system, customers can purchase diamonds with confidence.
*1 A diamond that has virtually the same chemical composition, crystal structure, and physical characteristics as a natural diamond. Not fake, but not natural either.
*2 Diamonds and other jewelry produced in areas of civil war, such as Sierra Leone, that are a source of funding for parties to the conflict. Trading is now prohibited.
*3 Diamonds purchased from precious metal dealers or pawn stores, reworked and sold, whose quality can be confirmed by a certificate of authenticity, but whose place of origin is unknown.
■Production history management system that can guarantee reliability
The Traceability Viewer System registers information on each diamond sold. The following eight items of information are registered.
1. serial number 2. contract 3. purchase order 4. list
5. unpolished rough 6. plan for rough polishing 7. polished diamond 8. certificate
When the above information is registered, it is recorded in the blockchain. Customers purchasing diamonds will be able to view the registered diamond information via a link on the website or a QR code. By disclosing such information, the reliability of diamonds can be assured. In addition to the disclosure of information, the system also allows customers to upload images and videos online so that they can be stored with their diamonds as a memento.
By implementing the Traceability Viewer System, not only diamonds, but also other products that require production history management (e.g., precious metals, paintings, brand-name products, etc.) can be managed on the blockchain. This system is targeted mainly at jewelry dealers, with the aim of introducing 100 companies in FY2020.
About No.1 Solutions, Inc.
Company Name: No.1 Solutions, Inc.
Head office: Idemitsu Ikejiri Building 7F, 3-15-1 Higashiyama, Meguro-ku, Tokyo 153-0043, Japan
Representative Director: Tetsuo Omorai
Establishment : July 2002
Capital ：50 million yen
Contact : TEL .03-6412-8470 FAX .03-6412-8471
URL : https://no1s.biz
Business : Blockchain development business, etc.
For inquiries from the media regarding this matter, please contact
No.1 Solutions, Inc. Public Relations: Kenji Domoto
TEL 03-6412-8470 / Email email@example.com
Press release can be downloaded from here.