Blockchain startup Everledger has joined forces with well-known gemmological laboratory Gübelin Gem Lab to create the Provenance Proof Blockchain for coloured gemstones, IBTimes UK reported.

Founded in 1923, Gübelin Gem Lab is completely independent subsidiary of the Gübelin Group. It uses uses the latest science and state-of-the-art equipment to carry out its analyses. Gübelin Gem Lab is the creator of the Provenance Proof initiative, which aims to bolster transparency in the gemstone industry.

"The concept and technology of a blockchain transforms an opaque business based on trust into a business based on transparency. The combination of the blockchain with the application of physical tracers – such as the Emerald Paternity Test – is a quantum leap for our Provenance Proof initiative. Thinking further into smart contracts, it opens up completely novel business models in our industry, and opportunities to establish more sustainable and fairer practices,” Raphael Gübelin, President of the Swiss family-run business, said.

Powered by blockchain technology’s core characteristics of immutability, security, speed and scalability, Everledger provides a reliable history of an asset's authenticity and ownership. According to IBTimes UK, Everledger currently has the provenance of more than 1.8 million diamonds on the blockchain. It has also expanded to other industries such as fine wine and art, among others.

"We are pleased to embark on such a monumental collaboration with the Gübelin Gem Lab, a gemmological pioneer, combining our solution with their patented technology under the Provenance Proof initiative, as a world-first,” Leanne Kemp, Everledger Founder & CEO said. "Having successfully applied Everledger's innovative solution to the diamond industry, it is a natural progression to now expand the application to the coloured gemstones industry.”

"Our purpose of trust-building and driving next-generation practices for global markets by enabling transparency across the supply chain aligns perfectly with the Gübelin Gem Lab's own purpose of the Provenance Proof initiative. We look forward to paving the way to better assurances from mine to market,” Kemp added.

The project is expected to launch to market in mid-2018.