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As blockchain technology develops and matures, we see more and more industries adopting it into their practices. In recent years, this space has moved far beyond the confines of FinTech and found its way into a myriad of different businesses. One of them is the trade in precious metals and diamonds.
Many companies have discovered that blockchain and web3 technologies can help streamline and accelerate this industry in several areas. This includes logistics, distribution, sales and even creativity. Let’s take a look at some examples of how this is done.
The intersection between blockchain and luxury
One of the biggest names in jewelry to collide with blockchain is Tiffany & Co., which recently made headlines for selling its NFT collection less than 30 minutes after its release. For 30ETH, CryptoPunks holders will be able to order a bespoke physical piece of jewelry and a diamond-encrusted pendant representing their NFT, made by Tiffany & Co. Not only that, but customers will then receive a separate NFT representing their pendant in their crypto wallets. These are called NFTiffs and costs a pretty penny of 30 ETH.
Another major player in the diamond trade exploring this space is De Beers. This year they announced the the world’s first blockchain-based diamond source platformappointed Trace. It is a distributed network designed to offer accurate and tamper-proof logistics data on the supply of diamonds around the world. The aim is to bring greater transparency within the trade, and to offer more information to consumers. Not only that, but the use of blockchain technology also helps tremendously with authentication, as each diamond can be properly traced back to the original space in which it was found. This means there is no room for lying or deceptive buyers.
NFTs appear to be the next frontier for luxury brands as companies obsessed with authenticity and exclusivity are beginning to see the potential in this space. Set of gems is no stranger to the movement and is currently leading the way in the future of digital luxury after recently pre-sale launch from his first NFT collection. GemSet is a 10k Generative NFT collection paired with real physical diamonds. Undoubtedly, because the NFTs themselves are works of art created by a renowned South African artist, Johnathan Schultz, whose use of diamonds and precious metals in his pieces has been critically acclaimed. Most recently, Schultz presented his masterpiece of a fingerprint made up of more than nine thousand diamonds set in 18k white gold during Art Basel Miami Beach. The diamond print is billed as one of the greatest diamond works of art of the 21st century.
The future of luxury
These are three of the main ways the diamond industry is getting involved in blockchain technology. These companies are currently at the forefront of their field, bridging decentralized tools and the world of luxury jewelry. Essentially, the fact that such a lucrative and sought-after industry is jumping into the blockchain space is a sign that the technology has reached a sufficient level of maturity, heralding great news for the future. This marriage of domains will bring a myriad of innovative and creative options to the high-end consumer market.