Fashion brand Louis Vuitton has teamed up with Aura Blockchain Consortium to provide blochchain-powered provenance for its LV Diamonds Collection, coming with a first of its kind LV Diamond Certificate.
Customers are increasingly aware of the visible attributes of diamonds such as size, shape, colour, lustre and surface. However, invisible attributes are now emerging as highly valuable to consumers.
The use of blockchain technology will resolve many issues related to responsible sourcing, as the decentralized way that data is updated and stored makes it forgery-proof.
The blockchain-powered LV Diamond Certificates raise the bar for responsible sourcing in the diamond sector, introducing a new best-in-class service for consumers that have come to expect only the highest standards.
Each LV Diamonds creation set with a central stone is accompanied by an encrypted digital file that lists each diamond’s weight, colour, purity, and cut quality. It also tracks its journey, from the country where the diamond was extracted to its arrival in its case, through the workshops where it was cut, polished and mounted by skilled artisans.
Each chapter in the story of an LV Diamonds creation is written down on the blockchain, carefully documented for the final owner, who has a guarantee that they are buying a genuinely timeless stone that can be given in the true spirit of trust.
This transparent, unalterable digital certificate uses Aura blockchain technology to store each stone’s unique characteristics, provenance, and journey, guaranteeing the safeguarding of this data indefinitely.
All of Louis Vuitton’s diamonds have been acquired in compliance with the Kimberley Process, meaning they come from legitimate sources that are considered “conflict free” and sustainable.
The Aura blockchain solution helps luxury consumers trace the provenance and authenticity of luxury goods along the supply chain, including the source of raw materials, savoir-faire of manufacturing, transfer of ownership certificates, warranty and maintenance records.
It is promoted as a single global blockchain solution open to all luxury brands of all industry sectors worldwide with unique cross-industry collaboration. The solution, made by luxury brands for luxury brands, strengthens the luxury industry’s response to challenges such as counterfeiting and responsible sourcing.
The Aura platform was developed in partnership with Microsoft and New York-based blockchain software technology company ConsenSys, and the consortium operates out of Geneva.
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