NFTs could help solve diamond certification fraud

Diamonds may be a girl’s best friend, but unfortunately, the billion-dollar diamond industry is rife with scandal and fraud. There have been a number of cases where lab-grown diamonds have been graded as natural diamonds. An example of this was seen last year when the International Gemological Institute analyzed and

In addition, consumers are able to resubmit a diamond for examination at GIA for any reason. This is known as a follow-up service. As a result, diamonds can be associated with multiple grading reports. This can be problematic for consumers since they may not be receiving original diamond certificates upon purchase.Unfortunately, diamond certificate fraud is becoming more common.

“NFT holders will start with a digital rough diamond and evolve their NFT on the blockchain with a process that mimics precisely the in-real life natural diamond process. Ultimately, the collector will need to decide whether they want to keep their diamond digital or burn it and transform it into its physical form,” he elaborated.

According to Moldawsky, such a process is also meant to raise awareness around the notion that digital NFTs can become scarce over time and, therefore, more valuable. “As more collectors decide to claim the physical art piece and burn the NFT, this will reduce the total NFT supply. As a result, digital NFTs will become more rare,” Moldawsky explained.

Rachelwolf00 This is what the blockchain was meant for. Certifications, trademarks, copyright, licensing, and contracts from Sotheby's to Pixabay to—ironically—government departments.

Rachelwolf00 we don't need to certify diamonds for any other reason than to keep jewel peddlers' pockets lined lab grown is becoming superior and they're looking for any proof they can find to say their rocks are better

Rachelwolf00 I'm hodling and staking marketmove

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