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Diamonds have had some bad publicity over the decades, with proceeds from the illegal trade in \u201cBlood Diamonds\u201d perpetuating conflicts in East African countries such as Sierra Leone and Liberia. The 2006 movie, Blood Diamonds, starring Leonardo DiCaprio, shows the misery the illegal diamond trade inflicts on populations.<\/p>\n
Furthermore, as technology advances, more cases of fraudulent lab-grown diamonds being certified as real diamonds are coming to light.<\/p>\n
Take, for instance, a case from 2021 where a\u00a06.18ct round brilliant-cut, loose stone<\/a>, previously graded as a \u2018real diamond\u2019 by the Gemstone Institute of America, was found to be lab-grown. The fraud came to light after the International Gemstone Institute was asked to double verify the diamond.<\/p>\n The world\u2019s largest diamond company, De Beers, already uses blockchain technology. In May 2022, the company launched its Tracr platform<\/a> which supervisesthe production and dispensation of its diamonds.<\/p>\n All transactions on the platform are immutable and cut out the threat of certification fraud and data manipulation.<\/p>\nHow can the blockchain and NFTs help fight diamond fraud?<\/strong><\/h2>\n