Richemont, the Swiss luxury goods giant that owns Cartier, will potentially utilize blockchain in a move aimed to bring transparency to its supply chain.
Jin Keyu, a renowned economist and an associate professor at the London School of Economics (LSE) who was appointed by Richemont as a board member last year, said during a speech at an event on Thursday that she believes there is a potential for blockchain applications in the luxury goods industry, including tracing the origin of diamond and controlling the “parallel market”.
“Even for luxury goods companies, for example, Cartier, whose parent company is Richemont on which I am a board member, is paying attention to blockchain technology. And I personally believe blockchain technology does have the potential to benefit the industry,” she told the audience, adding:
“The business owners in this industry need to know where the diamonds, the stones, the gold come from, trace it back to the mine or recycling plant. For watches being sold, both of the sellers and buyers would like to trace the products’ afterlife, authenticate them, after-sales treatment of pre-owned repairs. The technology might also be used to control parallel markets.”