FEATURED APPLICATION
LuDeim's traceability platform allows mines, distributors, and retailers to securely and efficiently capture and highlight the full ethical and sustainable journeys of their products, from mine to marriage.
"Businesses making ethical or ecofriendly claims without the ability to substantiate them are likely to be viewed increasingly cynically by younger generations."
- DeBeers Diamond Insight Report, 2018.
LuDeim is an innovative and technology-driven diamond broker formed in partnership with one of South Africa's largest independent mining group. LuDeim seeks to enable jewelers to purchase high quality, ethical diamonds directly from South African mines. They have partnered with Topl to allow for the stories behind their diamonds to be fully traceable, verifiable, and transparent. This fifth C (in addition to cut, clarity, color and carat) is the diamond's chronicle, the unique differentiator for LuDeim, enabling their stones to be sold to consumers at a premium.
The precious gem and metals space is at a critical junction. Growing consumer awareness of unethical mining practices—deforestation, exploitation of workers, and financing of illicit organizations—is putting great pressure on both mines and retailers to prove that their products are ethically and sustainably sourced. Unfortunately, this industry has a long history of a lack of transparency that not only undermines consumer trust and confidence but also prevents jewelers from being able to build direct relationships with mines - forcing both parties to rely upon expensive middlemen.
The Topl Blockchain allows mines and jewelers with the ability to record the information necessary to make claims regarding the ethical and sustainable origins of their products and to be fully transparent and verifiable to other supply chain actors. In addition to the information required to prove ethical origin, the LuDeim platform allows for the recording of additional information that has proved highly appealing to consumers, such as a gem’s date of birth (extraction from the mine). In early sales through the application, jewelry partners have been able to obtain premiums on their Topl-tracked diamonds, demonstrating the demand for such transparency. Moreover, by connecting mines and jewelers directly, the Topl blockchain powered platform removes the unnecessary network of traders and distributors from the supply chain allowing mines and jewelers to receive better pricing by up to 15% each.
