Singapore Exchange to Trial Blockchain Verification for Diamond Trading

A diamond exchange service based in Singapore is partnering with two blockchain startups.

AccessTimeIconJun 15, 2017 at 3:40 p.m. UTC
Updated Sep 11, 2021 at 1:27 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

A diamond exchange service based in Singapore is partnering with two blockchain startups.

Singapore Diamond Investment Exchange (SDiX) is working with Kynetix, which develops blockchain-powered commodity marketplaces; and Everledger, which uses the tech to track the trade of diamonds. The three firms are working on an authentication proof-of-concept aimed at creating verifiable trails for precious stones. 

According to a press release, the concept is designed to enable holders of diamonds with certificates from a verification laboratory to authenticate the ownership and authenticity of the diamonds using a distributed ledger. Changes of diamond ownership on SDiX will be updated on the ledger, creating a digital record for market participants.

Linus Koh, CEO of the Singapore Diamond Investment Exchange, said:

"This new concept draws on blockchain’s distributed ledger capability to demonstrate how we can further instill confidence and convenience for the benefit of diamond investors and financiers."

Companies and exchanges have been experimenting blockchain in industries where authenticity of physical commodity and identity can be a problem. It's an area that has attracted significant interest in the past year, with projects like one by the United Nations to record and authenticated aid for war-zone refugees. 

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Everledger. 

Diamonds Image by Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.