Illegal gold mining has been estimated to be a USD 48 billion a year business, fueled by the insatiable global demand for gold. In Venezuela alone, experts estimate as much as 75 tons of gold (most of it thought to come from illegal mines) are produced every year, worth more than $4.8 billion at today’s rates. As unethical and illicit practices cast a dark shadow over the industry, consumers and suppliers alike urgently seek accountability and assurance.
Qenta is taking center stage fighting against the surge of “Blood Gold”. In a world where illegal gold trading is on the rise, responsible and transparent practices are more critical than ever. Qenta’s Responsible Gold Supply Chain Application offers a robust solution to address the challenges posed by the surge in illegality in gold mining and trading.
As highlighted in a recent Economist article (“Illegal Gold is Booming in South America“), the industry is grappling with a concerning increase in illicit activities. Mining companies find themselves at a crossroads, facing the challenge of ensuring their gold remains untainted amidst the growing pile of contaminated gold flooding the market.
Qenta’s innovative technology addresses this issue head-on, providing a comprehensive and foolproof system to distinguish responsibly sourced gold from its illicit counterparts. Our application tracks the entire journey of gold, from the moment it is mined to its arrival in certified vaults.
|Traceability: Qenta’s solution enables real-time traceability, allowing supply-chain partners to verify, track, and trace doré from mine to finished gold products at the vault or fabricator.
|Authentication: With our proprietary QOS blockchain technology, Qenta’s application authenticates each step in the supply chain, creating an immutable record that guarantees the gold’s purity and provenance.
|Independent Verification: Qenta goes the extra mile by subjecting the “Responsible Gold” to independent ESG audits and real-time blockchain data analysis, providing an additional layer of assurance and supply chain integrity.
|Environmental, Social, and Governance (ESG) Best Practices: Our application ensures that all our gold adheres to ESG best practices recommended by the OECD, offering a sustainable and responsible alternative in an industry fraught with challenges.
By embracing Qenta’s Responsible Gold Supply Chain Application, mining companies and all supply chain partners can not only safeguard their reputation but also contribute to a global effort in creating a responsible and transparent gold industry. In a market filled with uncertainties, Qenta offers a beacon of integrity, ensuring that gold continues to shine ethically.
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