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Everledger and Diamond Durability Laboratory (DDL) have rolled out what was described as an industry-first – a diamond risk platform wherein DDL’s comprehensive risk assessment reports are created, managed, and stored using blockchain technology provided by Everledger. Developed for about two years, the platform is aimed at benefitting the likes of insurers that offer diamond underwriting services.
“DDL are the only processing risk assessors that are pushing forward the professionalism and integrity of this business,” said DDL co-founder and chief scientist Dr Daniel Howell. “Offering our services in both New York and Antwerp, it is vital for us to ensure the integrity of the risk evaluation pipeline, from our lab to the manufacturers, through to the insurance brokers and underwriters.”
Meanwhile Howell believes partner Everledger is leading the diamond industry towards transparent and secure business practices.
As blockchain is used in managing the risk evaluations, a single source of verified reports is ensured for relevant parties. The reports are encrypted on the platform and may be accessed through a website and an application.
“We are proud to be able to extend our innovative solution to further facilitate risk mitigation in the diamond industry through another stakeholder channel,” said Everledger founder and chief executive Leanne Kemp. “Working with key industry leaders like DDL is vital for the collective innovation shift of the industry, and we are pleased to consistently play a role in driving this progression for the diamond industry.
“The convergence of our technology platform with DDL’s proprietary advanced technology in achieving interoperability is a massive step in the service enhancement for the industry, in particular the high-end diamond insurers.”
DDL, whose reports are used by manufacturers to obtain diamond processing insurance, has so far provided risk assessments on over $325 million worth of diamonds.
