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Everledger Platform for Luxury Goods Supply Chain Traceability

Sector: Tertiary sector · Industry: Wholesale · Organisation: Everledger · Maturity level: Production

Everledger uses a private blockchain platform combined with NFC, IoT and AI to create digital identities for luxury goods such as diamonds, gemstones, fashion and wine and secure their supply chain transparency. The platform addresses the problem of counterfeiting and lack of traceability in the luxury goods industry and is already live with partners such as Fred Meyer Jewelers in 100 US stores and the Chow Tai Fook Jewellery Group. The company has launched platform version 2.0 and works with leading partners such as Gübelin Gem Lab for the Provenance Proof Blockchain.

Documentation status

Description

Everledger was founded in London in 2015 by Leanne Kemp and is today the leading blockchain platform for tracking high-value goods. The flagship: the diamond digital passport — over 5 million diamonds each with 40+ attributes (carat, colour, clarity, GPS origin of the mine, certification status) on Hyperledger Fabric.

Everledger solves several problems in the luxury goods market: (1) Insurance fraud: stolen jewellery is reported lost and later appears on the grey market. With Everledger, the ownership chain can be instantly verified. (2) Conflict diamonds: Everledger integrates Kimberley Process certification data directly into the digital passport. (3) Counterfeits: digital fingerprints are immutable. Expansion of the model to other luxury goods: wine (Chateau Lafite, provenance proof for top Bordeaux vintages), art (provenance documentation), watches (ownership chain, service histories), fashion items (anti-counterfeit QR codes). Steine und Minerale (a German trade magazine) reported extensively on blockchain for gemstones with Everledger as a reference example. Everledger is a founding member of the World Economic Forum Blockchain Coalition and has partnerships with insurers such as Aon and Lloyd's of London.

Perspectives

B2B — organisations perspective

Luxury brands, jewellers and insurers can verify the authenticity, origin and ownership chain of every luxury item via Everledger blockchain — fraud protection and premium positioning through verifiable provenance.

B2C — consumers perspective

Buyers of luxury goods receive immutable proof of origin, authenticity and ownership chain of their jewellery, watches or artworks through Everledger-secured digital passports.

Employees perspective

Employees in companies using Everledger receive new digital tools for quality control and customer advice, can provide customers with detailed information about product origin, and quickly access verified data in case of complaints or insurance claims. The technology also simplifies internal processes such as inventory management and compliance documentation.

Benefits

General

B2B — organisations

B2C — consumers

Employees

Challenges

General

B2B — organisations

Employees

Technology foundation

Everledger uses its own private blockchain platform, specially developed for tracking luxury goods and complemented by cutting-edge technologies such as NFC chips, IoT sensors and artificial intelligence. This combination enables the creation of a digital twin for each luxury good, which immutably stores all relevant information about origin, authenticity and supply route and makes it transparent for all participants in the supply chain.

Implementation examples

Fred Meyer Jewelers RockSolid Collection

Fred Meyer Jewelers wanted to strengthen customers' trust in the authenticity and quality of their diamonds and differentiate themselves from the competition through innovative technology. The company was looking for a solution to prevent counterfeiting and provide customers with transparent information about their purchases.

Fred Meyer Jewelers uses the Everledger platform for their RockSolid collection in 100 US stores for blockchain-based certification of diamonds.

The US jewellery retailer Fred Meyer Jewelers has implemented the Everledger platform in 100 of its stores to equip the RockSolid collection with blockchain-based certificates of authenticity. Each diamond receives a digital identity that can be read via NFC technology, providing customers with detailed information about the origin, quality, and supply chain of the stone. This implementation enables the company to differentiate itself from the competition and strengthen customers' trust in the authenticity of their diamonds.

The system solves the problem of lack of transparency when purchasing diamonds and gives customers the assurance that they are buying authentic, high-quality stones. At the same time, it reduces the risk of counterfeiting and strengthens the company's brand reputation.

Tags

Supply chain, Luxury goods, Transparency, Counterfeit protection, Traceability

Sources

  1. Blockchain Luxury Goods: Helping to Improve Trust and Sustainability
  2. Blockchain Asset Tracking
  3. Industry Solutions: Luxury Goods
  4. Blockchain Edelsteine