An end-to-end closed loop ecosystem gives consumers greater confidence in the integrity of the diamonds they purchase
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Spotted: The term ‘ethical diamonds’ refers to diamonds that have been mined and processed in a way that is environmentally and socially responsible. Unfortunately, due to the complex supply chains involved in the diamond industry, it can be very difficult to determine the true origins of a diamond. This lack of transparency makes it difficult for consumers to make informed choices about which diamonds to purchase, and has resulted in a decline in sales in recent years.
In response to this challenge, HB Antwerp—one of the largest diamond manufacturing ecosystems in Europe—has developed the ‘HB Capsule,’ an Internet of Things (IoT) device that uses blockchain technology and data analytics to track all the stages of natural diamonds’ journeys – from the mine to the retail store.
The capsule stores thousands of data points on a state-of-the-art HB Ledger created in partnership with Microsoft. With over 3000 verification points from origin and scans of the rough diamond to growth lines, businesses and consumers alike can see exactly where a diamond has come from and how it has been handled throughout its journey. Likewise, the end-to-end closed-loop ecosystem helps to protect diamonds and ensure their authenticity.
The capsule can only be opened by authorized persons that are next in line to interact with the diamond. Every unlocking is registered on the blockchain, so there is a complete record of the diamond’s journey. The HB Capsule is already being used by some big names such as Louis Vuitton. According to its website, the company already has grown to employ more than 130 full-time employees in 2022.
As consumers become more aware of the ethical impacts of their purchases, Springwise has spotted a number of innovations looking at diamonds. For example, an Israeli company is making diamonds in a solar-powered facility, jewellery designer Baylee Zwart has developed a line of jewellery consisting of diamonds responsibly sourced from the ocean, and another startup is developing carbon-negative diamonds.
Written By: Katrina Lane