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Alternative Market Briefing

Singapore Diamond Investment Exchange to trial first-ever blockchain verification and record-keeping service for diamond trading

Thursday, June 15, 2017

Komfie Manalo, Opalesque Asia:

Singapore Diamond Investment Exchange (SDiX), the world's first commodity exchange in physically settled diamonds, has announced that it has successfully partnered with Kynetix, the physical commodity digitisation expert, and Everledger, supplier of blockchain and distributed ledger infrastructure, to complete the first part of a Proof-Of-Concept of a blockchain-based authentication and secure record-keeping service for trading diamonds on a global commodity exchange.

The technology is designed to enable holders of diamonds with certificates from a major third party verification laboratory to authenticate the ownership and authenticity of the diamonds using Everledger's distributed ledger technology queried securely through Kynetix's Sentinel market infrastructure platform. Changes of diamond ownership resulting from trading on SDiX can be automatically updated via the facility, creating a permanent digital record to ensure optimal functionality for market participants.

The solution accurately authenticated the key details of a consigned diamond basket on SDiX consisting of GIA-certified stones using unique data points hosted securely online; a key part of the output is a "view receipt" of the digital certificate for each stone in the basket, housed on the blockchain. The system opens up the potential for a range of future applications for diamond market participants, including enhanced provenance data, increased supply chain security......................

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