Japanese producer Pure Diamond Lab believes its use of blockchain technology is giving it a competitive advantage in the lab-grown diamond market.
The Tokyo-based firm has recruited Junma Kawasaki to spearhead its blockchain work, with the primary purpose being to improve its customer service through the use of the technology.
Information on cultivation, refinement and appraisal of lab-grown diamond is collected and digitalised, creating a profile that is available to the end consumer, thus increasing transparency and enhancing the retail experience.
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Kawasaki believes that the Pure Diamond Blockchain development project is “the correct way to use blockchains,” and Pure Diamond Lab’s producer Hideyuki Abe adds the technology “gives every diamond a story.”
Pure Diamond Lab is one of a handful of companies operating in the lab-grown diamond space. It is able to cultivate diamonds which have identical qualities of natural-occurring ones and therefore qualify to be certified by the GIA (Gemological Institution of America).
Lab-grown diamonds are reshaping the global diamond industry to become more sustainable and ethical. Cultivating diamonds in a laboratory environment relieves the pressure of demand on diamond mines.
To expand the project, Pure Diamond Lab plans to use the ICO of Pure Diamond Coin (PDC), a cryptocurrency secured by Pure Diamond Farm Singapore to fund equipment and research & development.