Sep 20, 2018

Chow Tai Fook and GIA Collaborate to Launch Digital Grading Reports Using Blockchain Technology

Chow Tai Fook Jewellery Group and GIA (Gemological Institute of America), at a recent event in Hong Kong, formally launched a collaboration project that has been announced earlier, to use blockchain technology for delivering secure, digital diamond grading reports to consumers for the first time.

The partners said that in the initial pilot stage, the blockchain initiative applies to 0.30 - 0.99 carat of T MARK diamonds graded by GIA, with over 3,000 T MARK diamond reports already residing on blockchain.

Under the joint initiative, these reports are now available at four selected Chow Tai Fook stores in Causeway Bay, Tsim Sha Tsui, Mong Kok and Tuen Mun in Hong Kong. The Group plans to expand the initiative to no less than 10 stores in Hong Kong by the end of FY2019 and gradually to Mainland China in next financial year.

Chow Tai Fook Managing Director, Kent Wong, said, "We strongly believe the collaboration between Chow Tai Fook and GIA on the blockchain initiative marks an important industry breakthrough and adds a new chapter to the customer experience."

GIA Executive Vice President and Chief Laboratory and Research Officer, Tom Moses, remarked, "We will now be able to link a customer with their diamond’s grading results and record this relationship on the blockchain – this is an important milestone for the diamond industry, and in moving blockchain from business-to-business, to business-to-consumer."

At the launch, Chow Tai Fook General Manager of Group Branding, Alan Chan also demonstrated how the GIA digital grading report is securely written on blockchain and integrates seamlessly into the Chow Tai Fook T MARK app, allowing consumers to access both their diamond’s grading information and traceability at their fingertips through a single digital platform.

Pic caption: Senior officials of Chow Tai Fook and GIA display the new digital grading reports that use blockchain technology at the launch