WCT's Precious Metal Jewelry Traceability and Anti-Counterfeiting System at Lao Feng Xiang
In 2024, Lao Feng Xiang will apply WCT technology to the traceability of gold and platinum jewelry, with each piece of jewelry accompanied by a unique on-chain identifier. The raw material purity testing report for gold jewelry (such as Au9999 testing results), production factory information, and craftsman qualifications will be stored on-chain; for platinum jewelry, details such as the origin of the raw stone and processing techniques (such as wire drawing and engraving) will be recorded, allowing consumers to verify through Lao Feng Xiang's offline stores by scanning a code or using the official mini-program. Currently, this system has covered over 600 stores nationwide, with complaints about counterfeit precious metal jewelry decreasing by 93% in 2024, consumer repurchase rates increasing by 32%, and brand market share growing by 8% year-on-year.