The precious metals industry is expected to benefit from several technological advancements in 2024. One of the most significant developments is the use of distributed ledgers and smart contracts to monitor the traceability of materials used for metal production, allowing for improved tracking of raw inputs and better auditing of supply chains. Additionally, the use of artificial intelligence and machine learning algorithms will help optimize the extraction and refinement of precious metals from complex electronic waste and other materials, making the process more efficient and cost-effective. These technological advancements will help the industry meet the growing demand for precious metals while reducing the environmental impact associated with mining.
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Metal Traceability
Metal traceability, metal provenance are terms that, refers to the ability to track and trace metal origination through the supply chain. This concept is particularly crucial in industries where metal quality, safety, and compliance with regulations are of utmost importance, such as aerospace, automotive, construction, and the food industry (for metal equipment used in food processing). However, one of the most important drivers for metal traceability is to ensure that secondary metal has originated from reputable sources. With high metal prices, a flurry of news articles have highlighted criminal organisations utilising metal recycling as an outlet for money laundering purposes. The industry now has heightened awareness of these activities, however the issue is not completely solved
Key aspects of metal traceability:
Identification and Documentation: Each metal batch or component is assigned a unique identifier, often in the form of a serial number, barcode, or RFID tag. Detailed documentation, including records of the metal’s composition, source, and manufacturing processes, is associated with this identifier.
Tracking of Origins: Metal traceability begins at the source. For raw materials like ore or scrap metal, traceability records the location and date of extraction or acquisition. This information helps ensure the metal’s compliance with environmental and ethical standards.
Processing and Transformation: As the metal undergoes various processing stages, from smelting to refining, rolling, or forging, each step is documented. Any changes in composition or characteristics are recorded to maintain quality and safety standards.
Supply Chain Movement: Traceability tracks the movement of metals as they pass through various suppliers, manufacturers, and distributors. This helps in ensuring that the metal remains properly stored, handled, and protected against contamination.
Quality Assurance: At each stage of processing and movement, quality control and testing data are associated with the traceability records. This data helps in identifying any deviations from quality standards and allows for immediate corrective actions.
Transparency and Trust: Traceability builds transparency and trust among supply chain partners and customers. It ensures that the metal used in a product can be traced back to its source, providing assurance of quality and safety.
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