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Blockchain Gems: Natural Emeralds Come With Smart Contracts

3 mins
Updated by Nicole Buckler
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Blockchain gems: FURA Gems is holding a rough emerald auction. Proof of the gem’s origins – deep in Columbia – will lie on a smart contract, ready to be transferred to the final buyer.

FURA say the rocks going on sale are a “never-seen-before, rare selection of untreated natural emeralds of intense color and immaculate clarity.” The auction will be held 3–10 April 2022 in Sharjah, UAE.

This auction is aimed at jewelers in the industry who want to shape beautiful works out of them. FURA say they are iconic emerald masterworks of nature from Coscuez. “Two rare and glorious emerald roughs weighing an incredible 81.2 carats and 83.8 carats each.”

Blockchain gems

In a first-ever for Colombian emeralds, the seller guarantees complete traceability and transparency of its entire auction lot of emerald roughs. For this, they will be using the Gübelin Gem Lab’s Provenance Proof blockchain system.

The smart contract will detail Gübelin’s Emerald Paternity Test, which certifies the mine of origin. The reason FURA wanted to prove their origin is that they say their emeralds are ethically and sustainably mined.

Over 50 buyers are expected to attend from all over the world. Buyers are registered from Colombia, India, New York, Israel, and Bangkok.

The luxury jewelry houses where these gemstones rest for sale in their final form require the highest standards of provenance proof. FURA say that the Gübelin Gem Lab is the world’s foremost color gemstone laboratory. “Gübelin’s specialized technology rests on DNA-based nanoparticles that are applied directly, at the mine, onto rough crystals. These nanoparticles can be retrieved and decoded at any stage along the supply chain to identify the source of each emerald.”

Klemens Link, Director of Provenance Proof, says, “It is very exciting for us to provide Fura with the cutting-edge technologies required for the first fully and truly provable traceable emeralds from Colombia. The rough gemstones are physically marked with our patented Emerald Paternity Test nanolabels and digitally trackable on the Provenance Proof Blockchain. This gives consumers and brands the confidence they request, by bringing confirmable transparency to their products.”

Blockchain gems: Other products

There will also be an array of other emerald roughs weighing more than 20 carats each. Over 210,000 carats of rough emeralds across a range of qualities will be on display. But the star of the show is two emerald roughs of 81.2 carats and 83.8 carats each.

Dev Shetty is the Founder and CEO of Fura. He said, “With the environment license approved and the mining title extended by 30 years, we have already commenced the construction of the large-scale underground mine. We believe by 2023, Fura will become the largest supplier of the Rough Colombian emerald globally and thereby provide a consistent trade supply of the rough Colombian emerald.

“The range of finest quality to be displayed including the 81.2 carats and 83.8 carats of rough emeralds each, confirms our belief that Coscuez produces the finest emerald in the world. We are also proud to add the Gübelin Gem Lab’s Emerald Paternity Test and Provenance Proof blockchain system to provide complete transparency and traceability of the emeralds coming from the Coscuez mine.”

The gemstone mining company was established in 2017. Its headquarters sit in the United Arab Emirates. It has three mining subsidiaries. Mines in Colombia, Mozambique and Australia produce emeralds, rubies and sapphires, respectively.

Size and color

Colombian emeralds are admired for their color and clarity, and have repeatedly achieved the highest prices in private sales and also at auction.

The famous Rockefeller Emerald sold for $305,500 per carat in 2018. This is the highest price per carat ever obtained for an emerald sold by Christie’s Auction House.

Many auction houses like Christie’s, have started to accept payment for rare items in cryptocurrency.

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Nicole Buckler
Nicole Buckler has been working as an editor and journalist for over 25 years, writing from Sydney, Melbourne, Taipei, London, and Dublin. She now writes from the Gold Coast in Australia. Nicole first bought Bitcoin in 2013 not really understanding what she was doing. She is an accidental HoDLer. Got a story on the culture side of crypto? Email [email protected]
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