Israel’s Sarine Diamond Technology Group recently announced that the Aura blockchain was established by Moët Hennessy-Louis Vuitton (LVMH), Prada, Richemont’s Cartier, part of Richemont and OTB. The Alliance (Aura Blockchain Consortium, “Aura” for short) officially established a partnership with Sarine to provide its platform with diamond traceability solutions and data through Sarine’s Diamond Journey. As a multi-stakeholder alliance, Aura, through its unique diamond traceability partnership with Sarine, lays the first important foundation for the luxury industry to apply best-in-class standards and trace the provenance of the entire supply chain from raw materials to finished products.
Aura chose Sarine as a partner to provide complete diamond tracking throughout its supply chain, from diamond mining to processing and setting. The Sarine system, powered by Internet of Things (IOT) technology, covers the entire diamond supply chain and is used by many industry-leading miners and midstream processors; Sarine’s diamond journey traceability solution is based on the system’s independent, Automatically generated data rather than relying on unverifiable, declarative property information.
Aura is a not-for-profit organization that actively supports global partnerships to advance sustainable development (SDG 17 – the 17 United Nations Sustainable Development Goals), Aura has been founded on the belief that in a competitive environment, it can also be based on Noble common goal to establish partnership. Aura actively provides tools to increase transparency and credibility in the industry, with the goal of developing sustainable blockchain solutions and technologies tailored to each sector. Aura strives to achieve the highest level of traceability by integrating the flow of entities with the transactional and informational data collected in the blockchain, while ensuring that this data is easily accessible to all parties of all sizes and geographies. Co-founded by luxury brands and built on the key premise of traceability, the alliance supports and promotes innovation, product authenticity and responsible business practices across the entire luxury industry value chain.
Daniela Ott, Secretary General of the Aura Blockchain Alliance, said: “Aura and Sarine are perfectly aligned. By collaborating on Sarine’s comprehensive diamond traceability technology, we are building a unique technology solution that will enable luxury brands to and their customers. This new solution will provide full transparency of diamond sourcing information, as well as verifiable documentation of authenticity, thereby strengthening consumer trust in the brand and key to maintaining long-term loyalty. This is critical in today’s rapidly evolving retail environment. We expect more top luxury brands to join our unique alliance soon.”
Sarine CEO David Block commented: “It is an honor to be selected as a partner by the industry-respected Aura blockchain consortium founded by luxury brands. Our unique, comprehensive and fact-based traceability solution, Contribute to greater supply chain transparency and consumer confidence; this project will benefit global luxury brands. With our solutions, major jewelers will be able to For upstream and midstream suppliers, implement scalable, blockchain-based traceability solutions.”
Josh Yang is a Tech Writer who loves helping people understand what's going on in the tech industry. He writes about all things tech, from the newest gadgets to how to get your cat off your keyboard. Josh has been writing since 2013 and enjoys discovering new topics and sharing them with his audience.