Rare Carat partners with Everledger for blockchain-based provenance tracking for diamonds

Rare Carat, a provider of unbiased diamond advice, has entered into a partnership with blockchain startup Everledger to launch a tool for consumers to assess diamonds for sale anywhere.

The Rare Carat Report is a free tool that will allow consumers to check diamond price, quality, and provenance. It will allow evaluating the diamonds both online and offline.

"Consumers are often frustrated by a lack of transparency when buying a diamond engagement ring. The Rare Carat Report fills a key role as the industry addresses this problem with its newest generation of buyers, helping build trust between buyers and sellers,” Apeksha Kothari, Rare Carat COO and fifth-generation in the diamond industry, said.

To use the tool, consumers just need to enter a diamond's certificate number. By using artificial intelligence (AI), the report will return an assessment that evaluates the diamond's price, strengths, and weaknesses, allowing consumers to buy with confidence. The information on the diamond's provenance will be provided by using Everledger's blockchain-enabled platform.

"By enabling greater transparency with digital provenance tracking, consumers are able to have confidence in the authenticity and responsible production of the diamond that they purchase. With this, the diamond's value is also protected and consumers can directly benefit from our emerging technology solution,” Leanne Kemp, Everledger Founder & CEO, said.