Announced on 14th October, Mina Stones, a pioneer of handcrafted African fine jewelry and a vertically integrated company, will implement Credits technology to change the current supply chain and introduce mechanisms for tracking, validation, and complete transparency through a blockchain platform.
In the structure, the gemstones that are produced at a mine site in Nigeria are traced through the blockchain as the supply chain travels from mine and smelter to required parties. An immutable audit trail is created on the blockchain, which includes corresponding data to provide evidence of the gemstone production from mine to the end manufacturer/user.
“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”, – said Igor Chugunov, Ceo & Founder of Credits.
New partnership with Credits helps Mina Stones and the whole jewelry industry to achieve real-time access to gemstone data once it is mined, accurate data about gemstones in handcrafted jewelry and prevent data manipulation and fraud by miners.