Boma Jewelry announces blockchain partnership with Provenance UK
For Immediate Release
The technology partnership will allow Boma to verify transparency within its supply chain and offer socially-conscious buyers new insights on sourcing and sustainability.
February, 19, 2020 (Seattle, WA) - While many brands within the $5 billion dollar jewelry industry outsource their manufacturing to Asian factories in a closed, opaque process, Boma Jewelry is moving in a different direction. The Seattle-based brand announced today that it is using Provenance to deliver digital, verified product information at the point of sale, setting a groundbreaking new standard for transparency in how its products are made for its 1,000 independent stockists across North America.
Policing the Use of Ethical and Sustainable Branded Products
Shopping for ethical and sustainable fashion is confusing, complex and unverified. According to recent reports by McKinsey, nine out of ten Generation Z consumers believe companies have a responsibility to address environmental and social issues (source). But even when consumers look for ethical and sustainably-made fashion, how can they know the difference between marketing tactics and verified claims?
Today there is no policing of the terms used by brands and certifications, thus leaving a big gap in the retail market. Boma will close the gap on unverified ethical and sustainable claims by working in partnership with Provenance, a software company based in London, whose mission is to deliver meaningful change to commerce through open and accessible information about products and supply chains (link).
The verification process begins by gathering supply chain data into a singular digital database that is then evaluated based on evidence. Claims are then verified based on certified documentation and tied to specific geographic locations when necessary. Once verified, Boma and Provenance work together to connect the verified transparency claims to a physical product using QR code or NFC chips that are easily scanned and shared with consumers using a mobile-first visual experience that connects the physical product to its transparency journey.
Highlights
Provenance is a leading software and digital company focused on making transparency accessible
Transparency claims will be verified only based on evidence, documentation and traceable geographic confirmations
Boma will implement QR code or NFC chips to its product packaging in-store to amplify a mobile-first visual experience for customers
According to a 2019 McKinsey report on the Future of Fashion, the views of Gen Z and millennial consumers are critical. Together, these cohorts represent around $350 billion of spending power in the U.S. alone and Gen Z will account for 40% of global consumers by 2020. “As a jewelry company who owns our factory, we’ve looked for partners who can help us share our story, not through vague claims and greenwashing, but with verified evidence and truth.” says Suzanne Vetillart, CEO of Boma Jewelry. “We’re excited to partner with the best available market tools that help solve this issue for our customers and retailers while also working to lead the industry in providing a solution to the growing demand for transparency in our industry.”
2020 Is the Year of Action on Transparency
In 2020, Boma believes that there is incredible demand from consumers for more transparency in shopping. Fashion Revolution Founder, Carry Somers recently shared a growing sentiment in the fashion industry in Fashion Revolution's Transparency Index 2019, “Real beauty resides in truth and truth alone is beautiful. The beauty of objects may change, so we should pay more attention to the beauty at their core than to outward appearances. Our perception of what we consider to be a beautiful or desirable item of clothing can change not just with trends, time or the impact of use, but by knowing the truth behind its manufacture. How was it made and by whom? Knowing the truth can change our perception. More than ever before, brands and retailers are being held to account and beginning to realize that their fashion statements need to be embodied in truth. We don’t want beautifully written empty words of vision and commitment; we want real, tangible information.” (Source)
Boma Jewelry is available in over 1,000 independent retailers across North America and has long believed in providing ethically-made jewelry that is also accessibly-priced. Boma will begin using blockchain technology for its Spring 2020 collection.
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About Boma Jewelry
Boma Jewelry is a leading ethically-minded company that is focused on providing unparalleled transparency for its customers through its driving differentiators: nearly 40 years of experience as a lasting company and its ownership and commitment to owning and overseeing its full supply chain.
Boma Jewelry is on a mission to create high-quality, ethical and affordable fine jewelry. The company believes that their success and recent growth demonstrates that being a lasting company that’s profitable, respectful of all its people and conscious of its environmental impact is a model for business for the future and achievable for all when long-term goals are prioritized over short-term gains. To learn more, visit www.bomajewelry.com.
