SMX (Security Matters) plc (NASDAQ:SMX; SMXWW) is pleased to announce that trueGold Consortium Pty Ltd., a 44.4% subsidiary of the Company, is extending its authentication, certification and verification tech solutions beyond gold bars and coins to gold watches and jewelry.
trueGold invisibly 'marks' the gold with a durable marker, that will allow the physical gold to have a complete and transparent memory of its journey from mine-to-marketplace, to recycle and reuse. Enabling an ethical gold supply chain assurance, to tangibly authenticate and provide irrefutable proof of the origination of gold for credible ESG reporting in real time.
trueGold is now offering the luxury watch and jewelry industry a state-of-the-art solution to authenticate, verify and certify the provenance of their Brand's finish products via a non-destructive method in real time.
It has been widely reported that the luxury industry is currently facing challenges with the prevalence of counterfeit products being sold online and managing the growing demand in the second-hand market. In addition, trueGold believes that many customers are expecting a higher level of after-sales service enhanced by technological and digital platforms.
trueGold is enabling these watch and jewelry brands to tackle these challenges directly, by embedding into their products a memory of its origination via an invisible durable marker. Hence, the Brands would use a unique patented reader to detect the marker embedded within the watch or jewelry piece to identify its origination and supply chain data. Linking tangibly the individual watch or jewelry item to its digital twin, that is recorded and protected by the digital blockchain platform.
The trueGold technological solution is a drop-in process and can be deployed at any location along the supply chain. Therefore, it will allow Brands to embed the durable markers in new product models as well as retrospectively mark older models that enter into their repair and service centers. Providing a superior certification and authentication service that is not easily replicated, is irrefutable and not paper based.
The Brands will be able to accurately authenticate their products, provide an efficient after sales service with access to accurate data, have a complete inventory recorded on the blockchain, and potentially offer their clients the ability to 'trade-in' the older models, with the secure knowledge that the item is genuine.
The patent that is filed by SMX on behalf of trueGold is an extension of the Security Feature that is recognized by the LBMA (London Bullion Market Association) to tangibly demonstrate the gold industry's commitment to responsible mining, ethical sourcing, recycling, and environmental and social responsibilities in a transparent, credible, and measurable way. In addition to gold bars and gold coins, the application is now extended to watches and jewelry products.
With a valuation of approximately US$40million based on its last financing round, and a Board of Directors led by Hugh Morgan AC, that is supported by industry veterans like Grant Angwin (former president of Asahi Refining NA & ex-Chair of LBMA), and strategic partners such as Ava Global Logistics and The Perth Mint, trueGold is well position to offer its technological offerings from gold miners and refiners to end product manufacturers.
As global businesses face new and complex challenges relating to carbon neutrality and meeting new governmental and regional regulations and standards, SMX is able to offer players along the value chain access to its marking, tracking, measuring and digital platform technology to transition more successfully to a low-carbon economy.
trueGold uses the SMX tech applications that offer an advanced next-generation technology that can invisibly mark and store multiple data at a molecular level, in solids, liquids, or gas; as well as its blockchain digital platform
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