IDEX and Zing bring provenance to light with Everledger
Press Release for Everledger, Idex, and Zing by Jewelers Mutual Group
PRESS RELEASE: 29 November 2021 | View as PDF
Discovering a global supply of diamonds with detailed provenance information seemed all but impossible at scale in the past. But today, IDEX, the leading online diamond trading platform for professional diamond traders, lists thousands of diamonds with media-rich provenance records from Everledger, a blockchain-backed platform used to surface and converge asset information on items of value like diamonds.
With a suite of new APIs from Everledger, exchanges like IDEX can easily offer traceability back to each diamond’s country of origin and show that their listings are in compliance with regulations to bolster claims of ethical sourcing.
Now, IDEX and Everledger will also power the Zing Diamond Marketplace by Jewelers Mutual, meaning more American jewellery brands than ever before can use diamond provenance as new search criteria and make more informed purchases that further differentiate the value of their own stock.
Everledger Founder and CEO, Leanne Kemp, said it was exciting to see this partnership in action, noting the company’s vision to be the world’s most trusted transparency platform is being showcased across the diamond industry.
“At Everledger, we are building more transparent supply chains so that whatever the goal – compliance, sustainability, security, or creating new sources of value – can be realised. With thought-leading partners like IDEX and Jewellers Mutual, provenance information is creating new sources of value for sellers, buyers and for underwriters. This is helping create a more informed and more accountable market for all,” said Ms Kemp.
With a growing number of conscientious consumers seeking to purchase sustainable jewellery, brands are testing out new tools to better validate their claims of diamond origin, human rights, and even environmental performance at the point of sale.
The Everledger Platform houses the persistent and immutable digital identities for diamonds from the world’s leading manufacturers, where events like country of origin, assessing, planning, cutting, polishing, and grading are each captured and recorded on the blockchain.
Now that all of this information is available within the Zing Diamond Marketplace by Jewelers Mutual, retailers can more easily meet changing demand with the fast delivery, competitive pricing, secure payment processing and even reselling options that IDEX provides.
“Since its inception over 20 years ago, IDEX has focused on facilitating online diamond trading by bringing forward unbiased and transparent information. We are proud to enhance this direction by adding Everledger provenance reports online, and we view this as an important step forward in giving buyers the comfort of ethical and sustainable sourcing of diamonds,” said Tamar Katzav COO IDEX Group.
Everledger uses technologies like blockchain, the Internet of Things, and Artificial Intelligence to help diamond manufacturers analyse if key claims such as origin, sustainability, or chain of custody can be met, making it easy for them to be a trusted source in contributing accurate gemstone data to the network.
“We are excited about the collaboration between Everledger and Jewelers Mutual Group,” said Adam Gerety, vice president of platform operations at Jewelers Mutual. “The Zing marketplace continues to provide jewellers transparency in the diamond buying process.”
Zing Diamond Marketplace users can now search by ‘provenance report’ criteria. Diamonds are listed for stakeholders in the industry to access, check, or inquire about indefinitely, with accurate, real-time diamond pricing within IDEX that are also tracked by Everledger. Retailers can share these stories securely with their own customers while logged in at Everledger.