Jewelry companies team up with IBM on blockchain platform

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Gold and diamond companies including Berkshire Hathaway Inc’s Richline Group Inc joined with IBM to develop blockchain technology to track the origin of jewelry and ensure it is ethically sourced, the companies said on Thursday. The joint initiative dubbed TrustChain aims to make it easier for consumers to track diamonds and precious metals through the various steps of the supply chain as they become finished pieces jewelry, the companies said. The technology will initially help track six styles of diamond and gold engagement rings and is expected to be available to consumers by the end of 2018, the companies said. Other firms involved in the initiative include precious metals refiner Asahi Refining, jewelry retailer Helzberg Diamonds, precious metals supplier LeachGarner and third-party verification provider UL. More Info

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