At the end of last week, Britannia Mining, Inc., a natural resources development company that has begun to focus trading mineral commodities, announced that it was forming a strategic alliance with Everledger Ltd, a UK based company that is capturing the full DNA of certified diamonds and uploading that to its ledger stored on the Blockchain, allowing the provenance of diamonds to be traced.
The new partners are hoping that this development will fuel growth, efficiency and compliance. Everledger’s proprietary ledger is planned to be put to use by integrating the tracking of rough diamonds and potentially other high value minerals and metals from the mining process through to end buyer.
On the other side of the deal, Britannia will be able to further its growth strategy and aims to reduce risk and add greater transparency in diamond procurement. Verifiable knowledge of the origin of diamonds is particularly important for KYS – Know Your Supplier compliance.
Kenneth Roberts, CEO of Britannia Mining, Inc., commented: “Our goal is to position the Company to leverage the best practices for our downstream sales business. This year we plan to incorporate innovative and proven technologies to address some of the obstacles we have seen impede mineral commodity trading, such as slow inefficient paper based systems, risk, theft and fraud. We believe that this collaboration with Everledger presents the best opportunity for us to embrace state-of-the art digital solutions to reduce risk and improve the execution of trading deals.”
Roberts continued by speaking on the Company’s vision for 2016: “At the dawn of the Fourth Industrial Revolution, our vision is global and it is focused on addressing trading bottlenecks that are systemic. We anticipate announcing new major initiatives supporting this vision as this year progresses. Managing risk lies at the heart of trading high value precious gems and metals. Digitization at source could go a long way to add value to due diligence, fraud detection, custody settlement and title transfer mechanisms. Last year we demonstrated that we can source quality products. This year, our focus is on adding an additional layer of transaction security to augment our offering and potentially speed up deal closing procedures.”
It is understood that Britannia and Everledger will endeavour to consummate this new partnership in a formal Memorandum of Understanding.