Gem collectors will receive certificates of authenticity that are stored on blockchain ledgers to safeguard its integrity and data
Gems Origin pioneers the use of blockchain as authentication for fine jewellery.
SINGAPORE - Media OutReach - 9 January 2023 - Gems Origin, a private bespoke fine jeweller, today announced its partnership with Accredify, Asia Pacific's leading verification solutions provider, to adopt cutting-edge blockchain technology for the authentication of fine jewellery pieces. This pioneering move serves as an industry benchmark and a significant milestone in integrating latest technologies to bring the fine jewellery industry into the next era.
Gems Origin is Singapore's bespoke jeweller that customises high quality, one-of-a-kind jewellery.
Under this partnership, each gem sold and crafted into a fine jewellery by Gems Origin will receive a certificate of authenticity which will be placed on the blockchain to ensure integrity and security. This immutable ledger will ensure that data on the certificates remained unchanged, which in turn helps customers to preserve and trace the value of their fine jewellery pieces as they pass them to their future generations.
Each time a piece of fine jewellery is made, information such as the size, type and number of gemstones used, the dimensions of the piece, accompanying certificates (eg. GIA certificate of diamonds) and picture of the final product are incorporated in the certificate. This same set of information is stored on the blockchain, allowing clients to verify the information about their pieces by simply scanning a QR code. The process is similar to how our vaccination certificates are being checked when we travel.
By making these verifiable information available on a public domain, it demonstrates the confidence Gems Origin has in every handpicked gemstone used to create bespoke jewellery. This in turn reassures its clients on the quality of gemstones used for their unique pieces.
This will also serve as the foundation for the resale market should there ever come a time when clients decide to sell their pieces. The immutable certification on blockchain will provide buyers with a peace of mind, with irrefutable certainty about the gem authenticity and quality.
The global jewellery market size was estimated to be valued at USD 249.02 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.5 percent from 2022 to 2030 [1]. Coupled with a rise in high net-worth individuals (HWI) in the Asia Pacific region to approximately 7.2 million[2], there is a corresponding surge in demand for fine jewellery, especially bespoke pieces that serve as investments, collectibles and heirlooms.
"Superior quality gemstones are investment-worthy assets and at Gems Origin, we believe that gem collection has the potential to be even more accessible to all, both for collection and personal enjoyment. It is an unique asset class that boasts the added option of developing bespoke fine jewellery pieces which further increase their value. These high jewellery pieces last forever and is a great way for collectors to preserve their legacy and family heritage as their future generations inherit these pieces," said Gems Origin founder, Venessa Lim.
Lim added, "For aspiring and existing gem collectors, fraud is a key pain point which undermines trust between gem sellers and customers, and we strive to mitigate that by embracing new technologies such as blockchain to give customers a greater peace of mind by offering an immutable document that validates authenticity without an inch of doubt. As professional gemologists, we are able to recognise if the gemstones have been swapped or changed from what is authenticated on the certificate."
"This partnership with Accredify is a key milestone for Gems Origins as we embark on this journey of establishing verifiable certificate of authentication to safeguard customers' interests. The team at Accredify is aligned with our mission and has also demonstrated exemplary professionalism, providing valuable inputs and technology know-how to ensure success. Their proven work in Singapore's verifiable COVID-19 vaccination speaks to their high level of technical expertise and problem solving capabilities," said Gems Origin Chief Operating Officer, Alvin Lin.
"The application of verification technology to luxury goods serves as a new way for brands to assure consumers of their high-value asset's authenticity," said Quah Zheng Wei, CEO and Co-founder, Accredify. "Accredify's mission has always been to create trusted interactions between individuals and corporations, which is why we're excited to be a part of this revolutionary collaboration with Gems Origin. This unique use case is going to be the stepping stone to the application of Accredify's TrustTech in the industry, and we're excited to explore more opportunities with brands like Gems Origin to enhance brand trust amongst their consumer base."
The issuer is solely responsible for the content of this announcement.
About Gems Origins
Gems Origin is a private bespoke jeweller who crafts high quality one-of-a-kind fine jewellery pieces. Working only with natural gemstones and diamonds, every piece of Gems Origin's jewel embodies the sentimental stories of our clients. Gems Origin's guiding principle is to only craft jewels that are valuable and will appreciate over time, last forever, and for generations to keep. With a dedicated team of skilled designers and artisans, Gems Origin creates unique jewels that are a work of art.
Power failures can occur quickly. The supply may be interrupted by bad weather, issues with the electricity network, damaged equipment or local construction work. This can be just a hassle for a fam...
Create a Predictable Weekly Structure
A consistent weekly routine can make study easier to manage when students are balancing several subjects. Chatswood tutoring can provide a fixed learning point a...
For decades, the Australian trade and construction sector operated almost entirely on word-of-mouth recommendations and local community networks. Small business owners typically relied on local newspa...
Introduction
Visa decisions can shape employment, family life, study plans, travel, and future residence. A small omission can lead to delay, added expense, or refusal. Immigration lawyers assess l...
Many industrial processes require moisture to be removed from compressed air, products or process materials before they move to the next stage. Excess moisture can affect equipment performance, produc...
Effective communication helps teams stay organised, share ideas and keep track of important information. While digital tools are now common in many workplaces, a whiteboard continues to provide a simp...
The Evolution of Sustainable Event Merchandise
Event planning has undergone a massive transformation over the last decade. Gone are the days when organizers could hand out cheap, single use plastic...
Flowers have a great power to speak when humans cannot express their feelings with right words. Flowers are the best gifts when you are celebrating a birthday or welcoming a newborn child into your fa...
For a long time, you might have defaulted to overseas suppliers when sourcing fabricated metal components for a project. The unit price was lower on paper, and the maths seemed straightforward. That...
Daily Bulletin
