Diamond industry adopts digital fingerprinting using computer vision and blockchain to reduce counterfeiting

March 17, 2020 | Case Study

Counterfeiting represents one of the greatest threats to luxury goods manufacturers. The diamond industry is no exception; the global rough-cut diamond industry is worth about $15 billion, while the finished-diamond jewelry business industry is worth nearly $80 billion. Diamonds are high-value products, and consequently, there is a large drive for unscrupulous players to inject counterfeit and conflict diamonds into the supply chain. Estimates indicate that nearly 15% of the diamonds in the marketplace are fake or are from conflict-ridden areas. There is genuine interest from both industry players and international regulatory agencies in preventing such fraudulent activity by increasing the transparency of the supply chain.