Diamante Blockchain *The Cutting edge of experienced Brain…Gems &Jewellery Industry at Glance*
During the ancient era, Diamonds were embraced and recognized by the rich and royals as an emblem of their inestimable potency.
Formerly, it was traded as an asset due to its scarcity, until a historical evolution took place in the modern era of the Diamond industry that started in the last 4 decades during 1977 to 2017. Atrocious development took place at various fronts of the Diamond trade, particularly since the second half of 2017. The hurdle of challenges came in and had a major role in all fronts andhave hurt the statistics of diamond industry more precisely in first half of 2018, which proved like a bad dream with a big horror incident which has shaped out the matter of survival for many in the diamond industry from Mines to Market. An exigency has emanated for all to be more practical and professional than alternatively being more emotional towards the trading practice. The issue of margin thinning has concerned all from Miners to Traders, including Manufacturers, Artists, Technicians, etc.
Despite liberalization from credit lenders and bankers, misunderstanding comes into portrayal while dealing with banks due to the currently arisen circumstances in Indian Diamond trading.
Under these circumstances, trade organization and few philanthropists of the industry have taken an endeavor to resolve the situation with an affirmative solution, but this could not be a permanent solution in favor of the trade and hence the situation remains unresolved.
Subsequently, in order to come out with a permanent solution few leading minds of the diamond industry with enormous experience and market expertise have analyzed its root cause and started working on offering a superlative solution. Some on the causes analyzed are:
- Lack of transparency at every stage of trading
Matter of trust and confidence up to consumer level with reference to credibility
Cost cutting from micro to macro level
A time consuming process in terms of transaction, transit, and payment proceedings resulting in monetary loss and unexpected overheads to a company.
Unorganized trade practices and lack of policy knowledge and updates with Minimum MIS in Diamond industry.
Lack of readiness to adopt and implement internationally accepted systems within the preview of the law of land.
Lack of arrangement and delay in acceptance of next-generation technology like Blockchain that sustains features like minimization of monetary risk that has a potential specific to security of transaction to avoid loss due to bankruptcy or non-payment trading practice.
To overcome all such issues of the global Diamond Market there is a logical need to accept, implement and integrate Blockchain technology into the Diamond Industry which has an enormous potential to create a revolutionary healthy market place that would benefit and interest all from Miners to Consumers.
In a principle consent given by the world mining major Dee Beer’s CEO for acceptance of Blockchain, floating of the Blockchain project by the Royal family business tycoon of UAE, USA-based investor Warren Buffet’s RichlineGroup of jewellers initiating interest in building a consortium based on Blockchain technology of IBM, are the positive signs towards acceptance of Blockchain technology, which can play a vital role in uplifting the global Diamond Trade by means of transparency, restoration of trust and confidence, saving of monetary overheads, acceptance of changes with changing time, interest in cost cutting through saving of transaction period within preview of the law of land etc.
As per a recent study not even a single initiative has been taken in accordance with bringing the complete Diamond industry into a single platform of Blockchain technology that givescoverage for a Diamond’s complete trading cycle from Mines to Consumers. At the same time, the USA-based company “DIAMANTE BLOCKCHAIN”has shown a world-class initiative to bring the complete Diamond industry on a single platform by building a consortium from all parts of the industry using Blockchain technology. Starting from Diamond Mining Companies, Small Scale Companies, Medium Scale Companies, Premium Companies, Diamond Artists, Diamond Technicians, Diamond Brokers, Diamond Logistic Companies, Diamond Manufacturers, Diamond Certifiers, Diamond Vault Companies, Diamond Machinery and Tools Companies, Diamond Jewellers, Diamond Appraisers to Diamond Sorters, etc. the formation of the most integrated world-class consortium includes resources of permanent and well experienced expertise in the Diamond industry. This may prove to be a stimulator for a one-stop solution at one destination for the world Diamond Trade.
As per estimation, the size of the world diamond trade in 2017 was approx. 84 billion and is expected to rise by 25 percent amounting 105 billion in 2025, thanks to the use of Blockchain technology. Not only that, but by implementing Blockchain technology the consumer confidence can achieve great heights hence it can draw out the maximum of end-user emotion and can create strong possibilities to take maximum advantage.
USA-based company “DIAMANTE BLOCKCHAIN”having an intercontinental deserving and experienced board of management has scheduled to form a consortium by using integrated Blockchain technology. Already joined or proposed to join considering the brightest future of technological revolution.