Demand for African sourced gemstones has significantly increased over the last decade with new deposits being discovered in Nigeria. Child labour, exploitation of labourers, unreliable information about the gemstones and low consumer awareness of the origin of the gemstones among other historical are problems associated with the extraction of these precious commodities.
It is due to the above factors that prompted Minas Stones, a renowned African fine jewelry company based in Nigeria sourcing gemstones mainly in the northern and western regions of Nigeria, to enter into a partnership with Credit to implement blockchain-based solution, thus fundamentally transforming their (Mina Stones) current supply chain by introducing mechanisms for tracking, validation, and complete transparency.
Gemstones mined in these regions will be traced through the blockchain as materials pass through the hands of couriers to the Mina Stones workshops. An immutable audit trail is created on the blockchain, which includes corresponding data to provide evidence of the gemstone production from mine to the manufacturer and eventually to the buyer.
Mina Stones will utilize the Credits open-source blockchain technology with smart contracts aimed at the creation of high-performance applications to be able to purchase gemstones with a higher guarantee of quality, without risk of data changes by miners and shipment handlers.
Credits believe that its blockchain platform will not only help Mina Stones but also the whole jewelry industry achieve unseen levels of trustability, including real-time access to gemstone data, once mined, accurate data about gemstones in handcrafted jewelry that markets and end-buyers are able to access, proof of ethical sourcing and prevention of data manipulation and fraud.
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 customersIgor Chugunov – Ceo & Founder, Credits
This new partnership comes at a time when Minas Stone has been able to organise three consecutive African Gemstone and Jewelry Exhibitions and Seminars (AGJES). An annual event started in 2017, focused on stirring up and encouraging the development of profitable strategic relationships across the gemstones and jewelry value chain.