tl;dr
The World Gemological Institute (WGI) has partnered with Vaultik to tokenize $3 billion worth of luxury goods, including diamonds, gemstones, watches, and jewelry, on the Hedera blockchain network. This initiative aims to provide clients with digital certificates for secure tracking of provenance, g...
Diamond certification titan, World Gemological Institute (WGI) has announced a landmark deal partnering with luxury industry fintech Vaultik to tokenize $3 Billion worth of diamonds, gemstones, watches and jewelry on the Hedera blockchain network. This move aims to provide clients with immutable digital certificates for secure tracking of provenance, grading, authenticity, and ownership of their WGI certified assets.
Vaultik has integrated an additional insurance feature, enabled via global broker Acrisure, allowing people to insure their goods directly via the certificates. The partnership addresses pressing challenges in the luxury market, including fraud, inefficiency, and lack of transparency, offering a unique opportunity to redefine how luxury goods are authenticated, bought, sold, and protected in the digital age. Noam Lenzini, Co-Founder and CEO of WGI, stated that tokenizing their certificates ensures indisputable authenticity of products, establishing greater trust and security in the industry.
Each Token ID will be laser-printed onto assets, enabling cross-referencing with its corresponding digital certificate. Additionally, WGI will seal certified items with an NFC chip, providing an extra layer of protection against fraud. Pietro Novelli, Co-Founder and CEO of Vaultik, emphasized that blockchain technology is a more secure, cost-effective solution to ensure authenticity, reduce fraud, and enhance consumer confidence.
Novelli also described how WGI is working closely with Vaultik to authenticate diamond and gemstone related assets via the latter’s consumer app, setting the stage for wider industry transformation. Authentication of other goods, such as luxury handbags, watches, and collectibles, is provided via a global network of trusted collaborators.