“Flawless” lab-grown diamonds are up to 50pc cheaper and almost indistinguishable from the real thing.
Now, one Japanese company is hoping to sell its man-made gems with the help of blockchain technology in an effort to crack the consumer market.
Tokyo-headquartered Pure Diamond Lab will use blockchain to track the production, refinement and appraisal of its lab-grown diamonds.
The blockchain is a distributed ledger that isn’t controlled by a single entity. There is no central administrator or system, so there is no way someone can commit fraud.
The technology has been used to power cryptocurrencies including Bitcoin and Ethereum, but can also be used to track the origin of diamonds.