As previously reported, Mina Stones and Credits entered into a partnership agreement involving the introduction of innovative blockchain technology into the current African gem supply chain. The solution helps to eliminate potential vulnerabilities by providing complete transparency and the ability to track and validate ongoing processes.
An updated version of the supply chain from the mine site in Nigeria and smelter to required parties now becomes in the plain sight. All participants in the process have access to the entire history of the movement of precious stones. This trusting approach is achieved by creating an unchanged audit trail on the blockchain, providing evidence of jewelry production from the mine to the end-user.
Igor Chugunov, Ceo & Founder of Credits, said:
“Our blockchain platform is a highly secured technology that provides a unique opportunity for a comprehensive gemstone industry to carry out full risk management procedures in the framework of the whole supply chain. Together with the Mina Stones team, we are proud to introduce this great value to our customers.”
Mutual understanding and the desire to provide the customers with high-quality goods and services allowed Credits and Mina Stones to take a cardinal step towards improving the processes of the African mining and jewelry industry, providing reliable and accurate information about precious stones and their extraction.