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Blockchain Technology Poised to Modernize the Gems and Jewellery Industry in 2023

The gems and jewellery industry is expected to undergo a transformation in 2023 as blockchain technology gains traction. With a market size of approximately $480 billion, the industry is looking to streamline its processes and improve transparency in the supply chain.

Blockchain technology offers a distributed ledger system that can ensure the traceability and authenticity of gemstones and jewelry. This technology will provide consumers with greater confidence in their purchases and reduce the risk of fraud.

The Gems and Jewellery Export Promotion Council (GJEPC) has already initiated several projects to implement blockchain technology in the industry. These projects aim to create a secure platform that tracks the entire supply chain, from mining to the final product, ensuring ethical sourcing and transparency.

With the potential to revolutionize the industry, blockchain technology is set to play a crucial role in the future of the gems and jewellery industry.

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