The Singapore Diamond Investment Exchange (SDiX) has announced that it has partnered with Kynetix and Everledger to complete the first part of a Proof-Of-Concept of a blockchain-based authentication and secure record-keeping service for trading diamonds on a global commodity exchange.

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Linus Koh, CEO of the Singapore Diamond Investment Exchange, said: “This exciting collaboration builds on SDiX’s record of delivering advanced technologies to enable a trusted, fair and transparent marketplace for trading diamonds as an investable asset class. This new concept draws on blockchain’s distributed ledger capability to demonstrate how we can further instill confidence and convenience for the benefit of diamond investors and financiers.”

Kynetix Head of Business Development Guillaume Kendall said: “In line with our mission to build total trust in physical commodities, we believe this innovative integration of our Sentinel platform with blockchain is yet another step towards reducing the risks associated with trading and financing commodities globally.”

Everledger founder and CEO Leanne Kemp said: “It was a pure technical delight to integrate with Kynetix, a powerful combination of technology and purpose entwined. We are pleased to provide the market-leading blockchain infrastructure that is key to SDiX’s verification and data archiving services and look forward to working industriously with the market on creating purposeful tooling to enable safe and fast trading in physical diamonds.”

In December of last year Everledger became the first organisation to secure a bottle of wine’s provenance on the blockchain.

Back in August 2016 the chairman of the Kimberley Process Certification Scheme, announced the organisation’s blockchain initiative for stopping the circulation of ‘blood diamonds’.