19.05.2022 - Uncategorized

The future’s bright: digital transformation for gem industry

Certainly proving much more than a fad, blockchain is still going strong. 

And since Luxe Watches launched the first non-fungible token (NFT) in the watch industry, it seems others have jumped on the bandwagon. 

If you’ve been under a rock, an NFT is a financial security consisting of digital data stored in a blockchain – a distributed database shared on a computer network. The ownership of an NFT is recorded in the blockchain, and can be transferred by the owner. The records of blockchain cannot be forged because the ledger is maintained by thousands of computers around the world.

We were the first luxury watch retailer to create and offer an NFT in the form of a digital certificate which adds an extra layer of security to your sale or purchase.  Why? Because NFTs can’t be replicated, you can rest assured that the watch you are getting has been properly assessed for authenticity and condition.

Debut for blockchain-backed diamond sourcing platform

This week we were intrigued to learn that De Beers Group – the world’s largest diamonds company – has debuted the first blockchain-backed diamond sourcing platform. 

Tracr – its program, aims to offer improved trust and assurance in diamond provenance for consumers and traders, and will also be used to identify potential inefficiencies within the value chain. 

Every transaction is permanently recorded and as the diamonds move through the supply chain from mine to cutter, through to polisher and finally jeweller, with everything completely viewable and tamper-proof. This allows anyone with access the chance to track a diamond’s history, giving jewellery shops faith in the diamonds they buy.

Incredibly, the decentralised platform ensures speed and scale, meaning it can register one million diamonds per week.

Confidence in natural diamonds

With more and more customers wanting to know where their purchases are sourced from, deployment of the Tracr blockchain would underpin confidence in natural diamonds and represent a technological breakthrough that will undoubtedly raise customer expectations worldwide.

The innovation of blockchain can transform the precious gem industry by making natural diamonds into an investment asset class with wider appeal across different investor groups, driving higher demand.

So we wait and watch to see which other industry players will join the race to tokenise diamond – or indeed, watches.

Fancy an NFT of your own?

Our experts are always open to offers to sell luxury watches. We particularly enjoy seeing rare or unusual pieces. 

And of course, if we do buy your watch, you’ll get your very own NFT.

Each one bears a unique number which is assigned to the individual serial number of the timepiece sold to or purchased from us. You’ll also find the transaction date, price of the watch you’ve bought or sold, the watch brand and model, Luxe Watches’ reference, your unique customer ID and the signature of either our buying chief Jed Brailey or our sales guru, Anthony Neophytou. To verify it’s the real deal, it also has the LW stamp of approval on it.

If you’d like to make an appointment to see us at our Epping boutique you can here.