Following the announcement in May this year that Chow Tai Fook Jewellery Group ("Chow Tai Fook" or "the Group") and GIA (Gemological Institute of America) collaborated to use blockchain technology to deliver secure, digital diamond grading reports to consumers for the first time, a media event was held today, introducing the launch of this pilot blockchain initiative available in the market. In the 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 resided on blockchain. The initative is now available in 4 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."
During the media event, 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.