Singapore to Test Blockchain for Diamond Trading

Singapore Diamond Investment Exchange (SDiX) has teamed up with two blockchain startups to trial blockchain verification for diamond trading.

The exchange is working with Kynetix, which develops blockchain-powered commodity marketplaces, and Everledger, which uses the tech to track the trade of diamonds, to authenticate a proof-of-concept aimed at creating verifiable trails for precious stones.

According to a press release for CoinDesk, 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.

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