New version of its blockchain platform supports demand generation, sustainability and compliance for manufacturers and jewellery retailers, also announces its new bridge funding through the UK government’s Future Fund and Tencent.
LONDON, UK - Media OutReach - 15 July 2020 - As the diamond industry adapts to the disruption of the COVID-19 pandemic, Everledger has launched of a new version of the Everledger Platform, with additional features that match the supply and demand of stones based on criteria set by potential buyers. True to its mission, Everledger brings additional transparency to the industry by capturing key characteristics of the stones on the platform: diamond quality, sustainability footprint and compliance standards.
Due to the lockdown in major cities across the world, many jewellery retailers and diamond manufacturers closed and there was supply chain uncertainty. To address this before markets begin opening up, and in time for the peak season of Double 11, Christmas and Chinese New Year, Everledger is providing a secure application that will help to improve recovery.
Commenting, Everledger CEO Leanne Kemp said: "For most crises, there's a life cycle. We are now beginning to see green shoots especially in Asia and particularly China, significant signs of recovery as demonstrated recently by the record breaking 618 sale. Consumption is on a steady rise in China and particularly on ecommerce channels which have experienced a significant sales boost over the lockdown period."
The new version of the Everledger Platform specifically aids demand generation for retailers searching for diamonds based on their sustainability efforts, credentials and compliance standards. Of course, this goes the other way, by matching suppliers who want to securely share diamond, sustainability and compliance data with individual retailers, brands or groups of retailers.
Ms Kemp complemented: "This enriched release of the Everledger Platform is open for the diamond industry, as we work hard over the next couple of months to provide the same level of transparency across the other industries we work with, such as Wine and Spirits, Luxury and Apparel, and Circular Economy, especially managing the life cycle of batteries in Electric Vehicles and Portable Electronics."
A key improvement in the platform is the increased support for demand generation. Everledger offers a privileged networking tool for connecting like-minded retailers and suppliers. The Search function provides a match-making tool, allowing participants to search criteria across three main categories: Diamond Quality, Sustainability Efforts and Compliance Standards. This allows suppliers to boost their sales, while sharing data around their efforts to reduce carbon impact and adhere to high compliance standards.
With Automated Data Sharing, suppliers can create diamond data sharing rules to ensure new and updated diamond data is shared with retailers automatically. This offers the opportunity to reach more retailers as their ecosystem grows.
Ever more transparency
Transparency remains a bedrock of the updated Everledger Platform. An exciting evolution is the introduction of Badges. These proof-points (e.g. carbon offsetting certifications, Kimberley Process certificate, invoices, etc.) reveal a diamond's origin, characteristics, and compliance standards, thus enabling the value chain to trade with higher degrees of confidence.
Using the Access Control List, manufacturers and retailers can determine different access rights for their data on the platform, ensuring the highest levels of data privacy and control, both within their company and to select partners. With this upgraded platform, Everledger is enhancing its reputation for blockchain-powered privacy and security. Everledger was certified ISO 27001 last year, which represents the highest level of security management for sensitive data.
Today's launch focuses predominantly on the diamond industry and its key stakeholders, but the platform will soon carry transferable features through to all verticals, including fine wines, gemstones, e-waste, apparel and luxury goods.
Strengthening its position to lead the future of transparency
The launch of Everledger's new platform comes off the back of a USD7 million funding round from the UK Government's Future Fund and Tencent. Tencent has continued its investment in Everledger, following the company's $20 million series A funding round at the back end of last year.
Ms Kemp emphasised the importance of China for Everledger: "Last year we launched the world's first WeChat Mini Program for blockchain-enabled diamonds, and this year we'll be announcing a partnership with one of China's largest e-commerce companies. Having Tencent on board is invaluable for strengthening and extending our developments in China."