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As is the case with most luxury goods, the diamond industry is faced with the issues of theft, fraud, and counterfeiting. Illegal activity is present at every level of the supply chain, which collectively costs the industry and its insurers hundreds of millions of dollars each year. In recent years, international treaties and regulation have been put in place in an attempt to combat illegal activity, but criminals are most often a step ahead.
Leanne Kemp, CEO of Everledger, joins us to explain how her company is using advanced geological techniques, and blockchains, to bring more traceability to the diamond industry. Everledger, whose clients include many of the largest insurance companies, builds software which allows for a diamond’s unique characteristics to be hashed and notarized in the blockchain. Hence, a stone’s provenance, and the trail of ownership can be traced, therefore limiting the opportunities for fraud and making it difficult for stolen diamonds to re-enter the market.
Topics covered in this episode:
Leanne’s background as a technologistA broad overview of the diamond industryA look at the diamond supply chainWhat roles banks and insurance companies play in the supply chainHow diamonds are uniquely fingerprintedThe Kimberly process and other regulationsEverledger’s technology stack and business modelOther sectors which can also benefit from increased traceability Episode links:
Everledger Kimberley Process This episode was hosted by Meher Roy & Sébastien Couture, and is availble on YouTube, SoundCloud, and our website.
