• News
  • Gemstones
  • Birthstones
  • Jewelry
  • Lucky Gems
  • Health
  • Crypto Gems

Is It Possible To Use NFTs For Luxury Jewelry?

The NFT dispute is currently raging in the diamond and luxury jewelry markets. While Asprey, the royal jewelers, wants to issue NFTs, others are keeping away for the time being.

Jacques Voorhees and his bitcoin entrepreneur son Erik were having breakfast together one morning when Jacques suddenly realized a solution to a long-term issue hurting the diamond industry. As Jacques puts it, he was on the verge of falling out of his chair.

The result is Icecap, a firm that is the first to use NFT technology to supply investment-grade diamonds. NFTs, according to Jacques Voorhees, the company's new CEO, fix a problem that has plagued the diamond industry for years. Diamonds, unlike gold and silver, are not a tradeable and liquid asset class. A diamond loses value as soon as it leaves a jeweller's store, and may only be worth half of its original price.

NFTs, or non-fungible tokens, have taken the art world by storm. They're now making inroads into the world of diamonds, as well as luxury jewelry and heirlooms in general. According to Vogue Business, Asprey, a British jewelers with a royal warrant, is intending to release NFTs. They'll be sold as a digital physical pair, which means the buyer will get both the real thing and its digital NFT equivalent.

NFTs and jewels and heritage artifacts, according to Asprey executive chairman John Rigas, are an ideal combination since NFTs strengthen the validity of the items by recording their ownership history and ensuring their authenticity. "When the information is part of a blockchain, NFTs are excellent for us since they preserve everything about the product, forever," he explains.

Asprey aims to introduce a line of digital-only NFTs, comparable to the NFT artwork that is now being offered, in addition to the NFTs attached to tangible works.

Other well-known jewellers aren't following Asprey's example just yet. Cartier's worldwide innovation director, Timothy Iwata Durie, is apprehensive.

“We, at Cartier, believe much of what we’re seeing is hype,” he says. “First and foremost, we don’t want our customers subject to the price volatility that we are seeing in the marketplace today... We are taking our time to explore jewellery-related NFT use cases that create concrete benefits for our clients.”

Cartier remains optimistic in blockchain technology. The Aura Blockchain Consortium, which uses blockchain to track a luxury good's product history and provenance, was recently launched by Richemont, Cartier's parent company, together with LVMH and Prada Group. To make it easier to trace a particular luxury item, an NFT is established on the Aura blockchain. An Aura NFT, on the other hand, is not yet tradeable on the open market; it was designed just to monitor data.

One of Cartier's initial applications of Aura was to keep track of jewelry that was being repaired. When a consumer sends a component back for repair, the Aura blockchain creates an NFT for that item. All repair updates are recorded in Aura and available to the consumer. Diamond traceability was another early use for Cartier. Cartier collaborates with diamond supply-chain partners to collect crucial data at the point of origin and record it into Aura, ensuring long-term authenticity and traceability.

Aura is a fantastic match for companies, according to Iwata Durie, since it is a private blockchain, which means each member can only access their own brand and customer data. He claims that the private blockchain feature decreases energy use.

Diamonds As A Source Of Liquidity

Jacques Voorhees of Icecap claims he has invented a new form of diamond marketplace. "We can create a tradeable representation of the diamond on the blockchain using NFTs, which can then be freely exchanged while the diamonds stay secure in a vaulted environment," he explains. "This allows the diamond to be purchased and sold at the same price, resulting in a two-way, publicly available marketplace for investors."

Icecap is offering NFTs of "investment-class" diamonds priced between $5,000 and $15,000, as well as unique items including a necklace with a 70 carat diamond priced at $3.6 million and a ring with a rare purplish-red diamond priced at $3 million.

All actual diamonds are kept in a vault, where they are insured and audited on a regular basis. The possession of an NFT is a "IOU" of the item, which may be freely sold online. If the buyer of the NFT desires actual access to a piece of jewelry, the NFT may be redeemed by returning it to Icecap, which will recover the item and deliver it to the consumer. It may be replicated as an NFT for continuing trade after it has been redeemed, subject to scrutiny.

Christie's, an auction house in the premium segment, is another company paying careful attention. "Blockchain is on the edge of being interwoven into every single creative business that exists on Planet Earth," says Noah Davis, Christie's resident NFT expert.

Recent Articles

  • Mariah Carey Discusses Her New Chopard Collaboration As Well As Butterfly's 25th Anniversary

    Mariah Carey Discusses Her New Chopard Collaboration As Well As Butterfly's 25th Anniversary

    Mariah Carey discusses her new Chopard collaboration as well as butterfly's 25th anniversary. MC tweeted on Friday morning (Sept. 16) about her sixth studio album's 25th anniversary, which was released on this day in 1997: "I poured myself into every lyric and every note on every song. 25 years later, it's still one of the proudest moments of my life & career."

  • Types Of Ruby - A Variation Of Red-colored Stones

    Types Of Ruby - A Variation Of Red-colored Stones

    The ruby stone is the first thing that comes to our minds when we think about red gemstones, even though there are a number of other red gemstones. This particular red stone is one of the most well-known stones in the world, and it can be found in nearly every piece of high-end jewelry. Ruby, on the other hand, is not concentrated on just a single variety; in fact, there are other types of ruby gemstones that do not exist that you are unaware of.

  • Top 10 Lucky Gems For Casino Gambling

    Top 10 Lucky Gems For Casino Gambling

    Gemstones are already beautiful and gleaming, and some of them are quite valuable. So it's not a big leap to believe that lucky gems for casino gambling can also bring good luck while gambling.

  • March Birthstone Blue Topaz - A Growing-popular Stone

    March Birthstone Blue Topaz - A Growing-popular Stone

    The Blue Topaz is the stone for March. This stone's name comes from the Greek word "topazios" which means "to look for." March birthstone Blue topaz is believed to be the stone that represents love, friendship, and peace.

  • Types Of Amazonite - Amazonite's Physical Benefits And Jewelry

    Types Of Amazonite - Amazonite's Physical Benefits And Jewelry

    Amazonite is a type of stone that is known for its incredible pastel color; in fact, due to its silky smooth tint of blue-green, many people believe that it is a portion of real food. There are just a few gemstones that are closely related to amazonite, as it is a unique form of potassium feldspar that occurs as green microcline.

  • Pandora Necklaces - The Beneficial Use Of Pandora Necklaces In 2022

    Pandora Necklaces - The Beneficial Use Of Pandora Necklaces In 2022

    Are you considering purchasing pandora necklaces for the first time, or are you concerned about the item you’ve purchased? We've observed that there are a lot of queries concerning Pandora necklaces, so here are some details to assist you to figure out what you're getting concerned about. To begin, remember that when you purchase a thing, you must first determine what type of product it is. For example, what is Pandora made of?

  • Zodiac Birthstones Chart - Lucky Gems That Match Your Personality

    Zodiac Birthstones Chart - Lucky Gems That Match Your Personality

    It is said that birthstones are the stones with the most significance and power out of all the different kinds of stones. This is due to the fact that it is believed that birthstones have connections to each and every one of us. Individuals who hold to the concept of the zodiac are most likely of the opinion that they must wear birthstones because they consider the ritual to be in some way connected to their way of life. Now, we are going to discuss the zodiac birthstones chart so you can pick the right birthstone according to your zodiac sign.

  • Types Of Opal - A Large Variety Of Opal's Aesthetic Appeal

    Types Of Opal - A Large Variety Of Opal's Aesthetic Appeal

    The opal stone is well-known for its shiny and multicolored appearance, which is what draws many people's attention to it. You might be surprised, given its little appearance, to learn that in ancient times it was also employed as a protection stone. One of the many wonderful properties of this stone is that it has types of opal that can be used for a variety of purposes.

  • Queen Camilla To Wear The Koh-i-Noor Crown - Here's Why

    Queen Camilla To Wear The Koh-i-Noor Crown - Here's Why

    Following the death of Queen Elizabeth II, the discussion regarding the fate of the legendary 105.6-carat Koh-i-Noor diamond has been revived. Following the confirmed news about Queen Camilla to wear the Koh-i-Noor crown. It is stated that Queen Camilla, the incoming King Charles III's wife, would wear the Type IIa D-color stone that serves as the centerpiece of her crown during her husband's coronation. This diamond is considered to be the most precious diamond in the world.