Some time ago, we covered how London Based Everledger had raised $10.4 million from Fidelity Investments and then formed a strategic partnership with diamond giant De Beers to develop an in-house system to track precious stones. Now Everledger are using its expertise in Blockchain technology to support the diamond industry to reduce its carbon footprint.
Dragon co-founder, Paul Moynan commented, ‘with diamond mining operations often in the news for the effects sourcing diamonds has on the environment, this is a great use case for Blockchain technology, which will help offset these impacts. To find a 1.0ct rough diamond, around 1700 tonnes of earth have to be extracted, often disturbing fragile ecosystems. So Everledger’s desire to take this head-on is commendable.'
Initially launching with India and US-based Shairu & Atit Diamonds, industry participants can purchase credits which will be used in carbon reduction projects including new tree planting to counter greenhouse gas which will also reduce deforestation as well as projects for clean water access and investment in renewable energy.
Platform clients including; Shairu & Atit Diamonds will also be able to provide participants with real-time about the carbon footprint arising from their manufacturing processes along with sustainability reports which will be made publicly available on the Everledger platform. The new platform will also issue Blockchain certificates to authenticate participants energy efficiency and renewable sourcing efforts. It will allow stakeholders to take an active approach to focus their time and money directly on the impact they want to achieve.
What we are seeing is the first time that information on the diamond carbon footprint is being recorded on the Blockchain, and other industries are set to follow. 2020 will see more and more companies engaging with similar schemes, and publicly addressing their environmental impacts might just give them a competitive edge over rivals as when the global economy recovers. For more industry news and the latest on Dragon make sure you catch up on the Dragon Blog now.