(Yicai Global) Feb. 21 -- China's Fujian Ideal Jewellery Industrial will join hands with the maker of Baoquan platform to authenticate the retailer's valuable gems by using blockchain.

Ideal Jewellery and Zhejiang Shuqin Technology have penned a cooperation agreement, under which the latter will develop a public ledger that the jewelry seller can use, the Shenzhen-based retailer said in a statement yesterday. More specific contracts will be signed later.

Established in 2015, Hangzhou-based Shuqin has raised CNY25 million (USD3.6 million) for Baoquan that can verify financial, legal, and industrial information, according to Crunchbase.

Ideal Jewellery's shares [SHE: 002740] fell by 1 percent to CNY9.07 (USD1.30) in the afternoon.

Editor: Emmi Laine