MarketOrders News

What the jewellery industry needs to know about blockchain technology

MarketOrders has recently released a White Paper announcing technology plans that will disrupt the jewellery industry and bring innovation to outdated processes. Here is why, and how…

The jewellery industry has existed for hundreds of years; why does MarketOrders believe now is the time for it to change?

Traditionally the jewellery industry relies on direct contact between craftsmen and merchants, but these practices are outdated in the modern world where consumers want their products as soon as possible and for the best price possible. In the current digital climate, industries must embrace new technologies and digital transformations to keep up with demand and developments. The jewellery industry will be left behind if it doesn’t listen to and meet the demands of its customers.

The jewellery supply chain is fragmented and opaque, and it’s difficult to authenticate the provenance of products. MarketOrders will digitise every aspect of the jewellery supply chain to create a seamless end- to-end chain of digital transactions, in which products can be traced back to their source. This will significantly enhance trust and transparency with manufacturers, suppliers, and retailers alike, as well as meeting the consumer demand for traceable ethics.

Why is MarketOrders using blockchain to revolutionise the jewellery industry?

Embracing the power of blockchain will put the control back into the hands of retailers by authenticating the provenance of their products and making the end-to-end sales and supply process more transparent, efficient and profitable. Blockchain technology can also be used to significantly reduce the cost of international and cross-border payments, verify trade finance invoicing, and run digital checks on customers.

You say the jewellery industry is reticent to join the tech / digital revolution – why will they adopt blockchain when it seems more complicated?

MarketOrders acknowledges that any change can be difficult. The key to driving adoption is to show jewellers and suppliers the benefits and advantages of making the change. No one thought they needed email on their phone until they started to use it and now one of the main functions of a smartphone is to access and respond to emails, as opposed to its original use of making phone calls. MarketOrders is creating a mindset shift which is not impossible, especially when you can communicate the benefits, it just takes time.

How is MarketOrders ensuring ethical trading?

MarketOrders will only work with participants that can prove they have ethical practises.
Blockchain ledger will be used to store and view digital licenses and certificates to verify said ethical practises.

How is MarketOrders using blockchain to empower small independent retailers?

  • Better stock inventory processes reduce the amount of unsold stock from retailers going back into the supply chain to be turned into something else.
  • Retailers can use online systems to leverage data for spotting consumer trends. This will help them to meet customer demand and reduce returns.
  • Embracing blockchain technology allows retailers to take back control with end-to-end sales and a more transparent, efficient and profitable supply process, as well as authenticated provenance of products. Blockchain technology can also reduce the cost of international and cross-border payments, verify trade finance invoicing, and run digital checks on customers.
  • Blockchain allows retailers to track their products from their source through the refining, manufacturing and shipping processes that bring them to the store. This adds value for customers making sure their purchases are ethically sourced.

Cutting out the middleman will mean a potential loss of jobs. What does MarketOrders have to say about causing potential redundancies?

It’s not about job loss but creating better ways of doing business. It will free up time usually spent doing routine and monotonous work, which in turn will allow human capital to be used in better ways, such as creative work designing jewellery, or improving efficiency in the supply chain and improving the logistics infrastructure. Over time, using an increasing number of digital processes will free up time from mundane tasks for creative thinking and business strategy planning.

Blockchain technology will take away the in-store experiences that many independent retailers rely on. What does MarketOrders have to say about this negative effect on the high street?

This is incorrect as the blockchain process only impacts the supply chain, and in fact, it helps retailers to receive their products faster. With products taking less time to reach their stores, retailers can sell them faster to a consumer base that values ethically and sustainably sourced jewellery with traceable provenance.

We hope we’ve provided you with answers! 

If you’d like more information about how MarketOrders is using blockchain and learn about some real-life case studies, download our White Paper here.