iTraceiT to hold official launch of blockchain-based application for comprehensive tracing of diamonds, gemstones, and jewelry

iTraceiT, the Belgium-based innovative technology and service provider that developed a comprehensive, blockchain-based application for tracing diamonds, gemstones, and jewelry, will stage the application’s official launch on May 3, at the Antwerpsche Diamantkring (Antwerp’s rough diamond bourse), in the heart of Antwerp’s diamond district. 
“Recently, we’ve seen several industry organizations and service providers make product development announcements regarding traceability. This is truly exciting, as it emphasizes that the industry’s awareness is expanding and that traceability solutions are now being center-staged. However, diamond, gem, and jewelry manufacturers and traders need solid guarantees that their traceability solution is autonomous and unaffiliated, covering their products throughout the supply pipeline, from the rough to the finished product,” iTraceiT’s Marketing and Sales Director Shavit Gaistman explained. 
One of iTraceiT’s outstanding and distinctive qualities is that sizes do not matter to iTraceiT. “Small and melee polished diamonds make up the bulk of the diamonds manufactured, traded, and set in jewelry worldwide,” Gaistman said. “Our blockchain-driven solution works for diamonds and gemstones of any size, also for diamonds under 0.25 carat. iTraceiT can follow any stone through the production process, whether it is a 2.00 or a 0.02 carat stone!”
“We live in trying times! Governments, banks and financial institutions, trade organizations and NGOs, wholesale and retail clients, and last but not least, the end consumers all demand that the provenance of diamonds and gemstones is crystal clear and clean. By integrating the iTraceiT application into their business models, industry operators at all levels of the supply pipeline are given the opportunity to meet the market’s demand for traceability!” said CEO Fredrik Degryse.

Alex Shishlo for Rough&Polished