Tracking Diamonds With Blockchain

Cartier Owner Richemont Plans to Track Diamonds With Blockchain

Richemont, the Swiss luxury goods giant that owns Cartier, is turning to blockchain in a movement aimed to bring transparency to its own supply chain.

Jin Keyu, a renowned economist and an associate professor at the London School of Economics (LSE) who had been appointed by Richemont as a board member last year, said during a speech at an event on Thursday that the luxury giant plans to use blockchain to control each of the”parallel markets.”

“Since Cartier’s parent firm, we’ve decided to begin using blockchain to follow the source of diamonds, rocks and gold back to the mines or recycling mills.

Throughout her speech Jin also discussed her academic interests and reasons for her transfer to the blockchain business, adding that she’s to join China-based blockchain startup Ultrain as an adviser to contribute her experience on macroeconomics.

Jin contended that blockchain projects tend to be trying to experiment and construct monetary policies from scratch, with no learning from present academic study within the field.

She said:

“To me, blockchain essentially restructured the entire economic spectrum. … I think it’s extremely interesting because, to solve this broad issue, we need not only microeconomic theories … but also macro ones such as currency, monetary policy and regulation.”

During a fireside conversation with BMI, Jin signaled she plans research to research concerns in the crypto world in the angle of macroeconomics. That work will include designing a cryptocurrency that may perform three key functions of a money: storage of worth, stability and unit of account.

Originally from Beijing, Jin became one of the youngest tenured professor in LSE after having got her BA, MA and PhD from Harvard. She’s often invited to look on international company news outlets because of her macroeconomic experience on topics pertaining to China.

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