Everledger Platform Update to Boost Post-Pandemic Recovery in The Diamond Industry

New version of its blockchain platform supports demand generation, sustainability and compliance for manufacturers and jewellery retailers, also announces its new bridge funding through the UK government’s Future Fund and Tencent.

 

LONDON, UK – Media OutReach – 15 July 2020 – As the diamond industry adapts to the disruption of the
COVID-19 pandemic, Everledger has launched of a new version of the Everledger
Platform, with additional features that match the supply and demand of stones
based on criteria set by potential buyers. True to its mission, Everledger
brings additional transparency to the industry by capturing key characteristics
of the stones on the platform: diamond quality, sustainability footprint and
compliance standards.

 

Due to the lockdown in major cities across the world,
many jewellery retailers and diamond manufacturers closed and there was supply
chain uncertainty. To address this before markets begin opening up, and in time
for the peak season of Double 11, Christmas and Chinese New Year, Everledger is
providing a secure application that will help to improve recovery.

 

Commenting, Everledger CEO Leanne Kemp said: “For most
crises, there’s a life cycle. We are now beginning to see green shoots
especially in Asia and particularly China, significant signs of recovery as
demonstrated recently by the record breaking 618 sale. Consumption is on a steady rise in China
and particularly on ecommerce channels which have experienced a significant
sales boost over the lockdown period.”

 

The new version of the Everledger Platform
specifically aids demand generation for retailers searching for diamonds based
on their sustainability efforts, credentials and compliance standards. Of
course, this goes the other way, by matching suppliers who want to securely
share diamond, sustainability and compliance data with individual retailers,
brands or groups of retailers.

 

Ms Kemp complemented: “This enriched release of the
Everledger Platform is open for the diamond industry, as we work hard over the
next couple of months to provide the same level of transparency across the
other industries we work with, such as Wine and Spirits, Luxury and Apparel,
and Circular Economy, especially managing the life cycle of batteries in Electric
Vehicles and Portable Electronics.”

 

Like-minded partners

 

A key improvement in the platform is the increased
support for demand generation. Everledger offers a privileged networking tool
for connecting like-minded retailers and suppliers. The Search function
provides a match-making tool, allowing participants to search criteria across
three main categories: Diamond Quality, Sustainability Efforts and Compliance
Standards. This allows suppliers to boost their sales, while sharing data
around their efforts to reduce carbon impact and adhere to high compliance standards.

 

With Automated Data Sharing, suppliers can create
diamond data sharing rules to ensure new and updated diamond data is shared
with retailers automatically. This offers the opportunity to reach more
retailers as their ecosystem grows.

 

Ever more transparency

 

Transparency remains a bedrock of the updated
Everledger Platform. An exciting evolution is the introduction of Badges. These
proof-points (e.g. carbon offsetting certifications, Kimberley Process
certificate, invoices, etc.) reveal a diamond’s origin, characteristics, and
compliance standards, thus enabling the value chain to trade with higher
degrees of confidence.

Using the Access Control List, manufacturers and
retailers can determine different access rights for their data on the platform,
ensuring the highest levels of data privacy and control, both within their
company and to select partners. With
this upgraded platform, Everledger is enhancing its reputation for
blockchain-powered privacy and security. Everledger was certified ISO 27001 last
year, which represents the highest level of security management for sensitive
data.

 

Today’s launch focuses predominantly on the diamond
industry and its key stakeholders, but the platform will soon carry
transferable features through to all verticals, including fine wines,
gemstones, e-waste, apparel and luxury goods.

 

Strengthening its position to
lead the future of transparency

 

The launch of Everledger’s new platform comes off the
back of a USD7 million funding round from the UK Government’s Future Fund and
Tencent. Tencent has continued its investment in Everledger, following the
company’s $20 million series A funding round at the back end of last year.

 

Ms Kemp emphasised the importance of China for
Everledger: “Last year we launched the world’s first WeChat Mini Program for
blockchain-enabled diamonds, and this year we’ll be announcing a partnership
with one of China’s largest e-commerce companies. Having Tencent on board is
invaluable for strengthening and extending our developments in China.”