HAIKOU /China/, September 14. /Chinese gold jewelry manufacturer ZiJin Mining Group has opened its first Zijin Original Gold (ZiJin OG) store on Hainan Island, where all goods are entered into the blockchain registry, the Sanya Daily newspaper reported.
Blockchain is an encryption and data storage technology that allows you to track all stages of the history of products. If necessary, it is possible to obtain information about the extraction of gold, the production of jewelry from it, the verification of its quality, as well as the conclusion of the transaction in the sale of each product related to this prestigious brand of the company.
According to the chief inspector of ZiJin OG Lun Tao, the main advantage of blockchain technology in this case is that the buyer can make sure that the material from which the item he is buying is made has never been used as jewelry before.
The expert noted that most gold items on the market are made by recycling outdated jewelry. However, ZiJin OG allegedly guarantees the buyer a completely new product.
Lun Tao stated that ZiJin Mining Group owns 18 world-class gold mines. Thus, the company is able to ensure a continuous supply of raw materials to produce new products.
The company and its luxury brand are expected to play an important role in the development of the gold jewelry industry of Hainan Free Trade Port.