The Aura Blockchain Consortium, along with dual-listed Sarine Technologies, are forming a partnership on the front of diamond traceability solutions.
The consortium is founded by the LVMH or LVMH Moët Hennessy Louis Vuitton group, Prada group, Cartier, the OTB group, as well as part of Richemont, a Swiss-based luxury goods holding company.
Under the partnership, Sarine’s Diamond Journey traceability solutions and data will be used for Aura Blockchain Consortium’s platform. This also means that Sarine’s services and technologies will be employed across Aura Blockchain Consortium’s entire supply chain, that range from extraction to polishing and setting aspects.
Sarine’s traceability solutions are backed by data generated independently from its home Internet of Technologies (IoT) enabled systems, used by various leading producers and midstream polishers in the industry, without the use of non-verifiable declaratory inputs.
The partnership brings to light the value of sustainable development in the international luxury space, where the Aura Blockchain Consortium wishes to move towards a model, via Sarine’s services and technologies, where sustainable blockchain solutions are used for the greater good even in competitive environments.
“We are establishing a one-of-a-kind technological solution with significant added value to both luxury brands and their customers [with this partnership],” says Daniela Ott, secretary general of Aura Blockchain Consortium.
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“This new solution will provide complete transparency on product sourcing history and verifiable authenticity documentation, which is key to strengthening consumer trust in brands and fostering a long-term relationship, which is critical in today's rapidly evolving retail landscape,” she adds.
David Block, CEO of Sarine Technologies, says, "It is an honor to have been selected to partner with the esteemed Aura Blockchain Consortium of leading luxury brands. This new endeavor will enable global luxury brands to benefit from our uniquely comprehensive and factual traceability solution in order to increase supply chain transparency, thereby increasing consumer confidence. Our solution enables the jewellery houses the ability to implement a traceability solution based on blockchain technology that is easily scalable and with low overheads to all their suppliers in the upstream and midstream diamond value chain."
As at 10.47am, shares in Sarine are trading at 0.5 cents up or 1.01% higher at 50 cents.
Photo: Stock Image
