Hari Krishna (HK) Group will receive technological backing from blockchain company Everledger for its diamond-provenance program.
Everledger will cryptographically certify HK stones destined for the Indian manufacturer’s “My Diamond Story” brand, letting consumers track a stone’s journey from rough to finished jewelry. The arrangement will enable storage of information about those diamonds on Everledger’s blockchain-based platform, the companies said in a joint statement Thursday.
“Utilizing Everledger’s long-standing diamond blockchain platform can help us to further strengthen our product offering to the industry, and especially the end consumer,” said Ghanshyam Dholakia, HK’s managing director. “We are confident that this major innovative step will be a boost to our jewelry business.”
Everledger, which has been tracing diamonds using a digital ledger since 2015, developed the blockchain the Gemological Institute of America is piloting with retailer Chow Tai Fook. The technology company is also working with Indian manufacturer Dharmanandan Diamonds on a blockchain initiative.
Image: A cutter at Hari Krishna