Fura Gems Inc (CVE:FURA) told investors it is piloting the Provenance Proof Blockchain, aimed at promoting industry transparency and is available across the colored gemstone supply chain.
The blockchain is effectively a shared ledger that creates a logbook of transactions down the supply chain.
READ: Fura Gems files maiden resource estimate for Coscuez mine, a first for Colombian emerald sector
It starts in the mine and has data about the miner, location, a simple description of the stone, and a time stamp. That is forwarded to the buyer by way of a digital key, which allows them to write the next chapter in this ledger.
Provenance Proof Blockchain has been launched by Gubelin Gem Lab with Everledger, at the Tucson gem show in Arizona.
The technology has already been successfully applied to the diamond industry and is a ground-breaking addition to the colored stone industry.
Fura noted that this was also an opportunity for Colombia, which as an emerald source sets a new precedent for best practices and responsibly sourced emeralds globally.
"We firmly believe that the application of blockchain technology to the colored gemstone industry will raise best practices and serve the entire supply chain, by educating consumers, promoting transparency and providing a platform from which producers can demonstrate their commitment to preserving the environment and contributing to local communities through education, training and employment opportunities," said Dev Shetty, the president and CEO of Toronto-based Fura.
Regius Resources deal terminated
In a separate statement today, the company said the agreement with Regius Resources Group over the acquisition of the ruby licences/concessions held by Regius has been terminated.
Fura however, continues to advance towards closing its proposed acquisition of assets in Mozambique from New Energy Minerals Ltd announced last November.
Fura owns a 76% interest in the Coscuez emerald mine in Boyaca, Colombia and is also involved in the exploration and mining of rubies in Mozambique.