Diamante Blockchain Meet Highlights the Spectrum of Opportunities of Blockchain in Diamond Industry

Diamante Blockchain hosted the Diamante Meets 2019 to discuss Spectrum of Opportunities in Mumbai introducing the revolutionary Diamante consortium to Banks, Industry leaders, and stakeholders. The seminar shed light on the future of the diamond industry through the utilization of blockchain technology.

Counterfeits, conflict or blood diamonds, minimal documentation, and murky transactions are some of the major problems plaguing the centuries-old diamond industry. Issues related to the traceability of diamonds and other loopholes in the manufacturing and trading affect the global diamond industry.

However, things are looking on the brighter side with the advent of blockchain technology. The Distributed Ledger Technology (DLT) is a chance to bring more traceability and order in the diamond trade. Diamante Blockchain has been spearheading that cause for quite some time now. Taking a step ahead towards that goal, the diamond blockchain consortium hosted an August seminar at the Golconda Ballroom of Hotel Trident BKC, Mumbai. The seminar brought together representatives from banks, industry leaders, and stakeholders under one roof and introduced them to the revolutionary Diamante Consortium.

Diamante Meets 2019

The initiative “Diamante Meets 2019: Facing the Future – Together” was organized according to Genesis Block, USA, and HashCash Consultants (California, USA). Chirag Jetani (Chief Operating Officer), Erik A Jens (Ex- ABN AMRO CEO & Chief Financial Expert), Samuel E Proctor (Chief Regulatory Advisor), Raj Chowdhury (CEO of HashCash Consultants and Banking & Blockchain Advisor at Diamante Blockchain), Prasanna Lohar (DCB Bank) and Mr. Sudhin from SBI were the key speakers who shared their insight on the basic structure of Diamante Consortium, and the potential of blockchain and its future in the diamond industry.

Technology and innovation go hand in hand and also helps a lot in the sustainability of an industry going forward,” said Erik A Jens.

According to the Chief Regulatory Officer of Diamante, Samuel E Proctor, “Fintech is going to make the diamond industry better by making the business move faster, move cheaper, and make things more transparent, which is a win for everybody involved.

The event aimed to present a blockchain solution into the present corporate payment structure and line of credit model.

Diamante Blockchain – Corporate Payments

Let’s take a quick look at what Diamante Blockchain offers to the industry, using decentralized ledger technology.

The Diamond industry is spread across continents, making business complex and time-consuming. Going by the traditional modes of cross-border payments, the money goes through various exchanges, making it very hard to trace. That can be solved by DLT, which is a digital system that records the details of every transaction happening in real-time and keeps all the parties involved in the loop about the movement. There is zero involvement of any central authority, as all transaction happens and is recorded independently by the participants or the nodes in a network.

Diamante Blockchain has launched a B2B corporate payment network that allows hassle-free cross border transfer of funds. The transaction happens faster and a fraction of the cost that is usually charged by the banks and exchanges. It also makes it easy to track the payment, thus preventing any act of fraud.

The seminar gave a brief insight on the whole process and the benefits of Diamante’s corporate pay. It was an absolute success, considering the phenomenal response it received from all the attendees.

About Diamante Blockchain

Diamante Blockchain LLC, the USA-based diamond consortium, is your one-stop destination if you are looking for result based diamond supply chain management. Diamante provides a secure ecosystem for network participants to make online payments and obtain a credit line with ease. Together, Diamante’s expanding body of specialized services creates a unified marketplace for players across the diamond industry – from mining companies to cutters, polishers, certifiers, manufacturers, retailers, and end-customers. Built on Distributed Ledger Technology, Diamante Blockchain promises its clients and members complete traceability, assured quality, and cost-effectiveness in trade and transactions within its network.

The first-of-its-kind marketplace for the Gem and Jewelry industry enables trade through smart contracts. The consortium operates in compliance with Kimberly Certified norms, Anti-money laundering (AML), and the USA Patriot Act.

Diamante Blockchain Makes Huge Impact at JCK Las Vegas 2019

Diamante shone the light on the role distributed ledger technology can play in the diamond industry at the world’s leading jewelry trade event.

JCK Las Vegas 2019 – the largest jewelry convention globally – is one of the most anticipated events for business and networking in the diamond space. It draws 30,000 of the world’s most influential industry professionals with their expertise and insight into the world of diamonds. Diamante emerged as one of the most promising proponents of the technology that will change the diamond industry’s payments and financing. Diamante team members Dinesh Patel, Erik Jens, Chirag Jetani, Kishan Vaghasia, attended the conference, and Sam Proctor and Andrew Pedvis attending on behalf of Genesis Block, a leading blockchain-focused services platform.

Diamante Consortium has brought diamond industry participants across verticals– from mining companies to jewelers, polishers, manufacturers, retailers, and end customers – on a unified platform to trade directly with each other. The consortium itself is built using Distributed Ledger Technology, making transactions made on the blockchain network (Diamante Net) traceable and reliable. Diamante has also introduced Diamante Corporate Payment, which enables real-time and low-cost settlement of payments.

The innovative implementation of the tech by Diamante demonstrates the adaptability of blockchain to suit the diamond industry’s needs. Implemented at scale, it would bring an unprecedented level of efficiency to diamond-based payments and finance.

Chirag Jetani, COO of Diamante Blockchain, said, “JCK unites a community that is shaping the future of the jewelry industry. Needless to say, the participants of the event are all forward-thinkers and open to explore the latest tech offerings to improve the jewelry sector. Our efforts with blockchain garnered a lot of interest, and we will see broader adoption of Distributed Ledger Technology in the industry pretty soon.”

Sam Proctor, Chief Executive Officer of Genesis Block, said, “We are motivated by the belief that Distributed Ledger Technology has the potential to impact supply chains across the economy, and diamonds are no exception. Diamante is clearly establishing itself as a leader in leveraging this technology to make the diamonds payment ecosystem more efficient and cost-effective.”

Erik Jens had his own observation to share, “At the JCK show, there was a clear trend in understanding the opportunities technological ecosystems, such distributed ledger technology, offer concerning driving efficiencies, connectivity, and collaboration, elements needed to enhance profitability but as important enhancing consumer trust and confidence in jewelry. After all, tomorrow’s customer is tech-innate, collaborative and global-minded, ethical and keen on social media online shopping.”

JCK is organized for order writing, inspiring education, and networking. It functions as a premier destination to discover the latest trends designs in expansive jewelry collections, gems, timepieces, and related services. The flagship event at Las Vegas had 2,300+ exhibiting vendors worldwide, specializing in timepieces, loose gemstones, equipment, supplies, technology, security, and business solutions. It was attended by 23,000+ individual retailers and 9,400+ retail stores ranging from independents, majors, department stores, boutiques, and galleries, 23% of which were from brands from outside of the United States.

About Diamante Blockchain

Diamante Blockchain LLC, the USA-based diamond consortium, is your one-stop destination if you are looking for result based diamond supply chain management. Diamante provides a secure ecosystem for network participants to make online payments and obtain a credit line with ease. Together, Diamante’s expanding body of specialized services creates a unified marketplace for players across the diamond industry – from mining companies to cutters, polishers, certifiers, manufacturers, retailers, and end-customers. Built on Distributed Ledger Technology, Diamante Blockchain promises its clients and members complete transparency, assured quality, and cost-effectiveness in trade and transactions within its network.

The first-of-its-kind marketplace for the Gem and Jewelry industry enables trade through smart contracts. The consortium operates in compliance with Kimberly Certified norms, Anti-money laundering (AML), and the USA Patriot Act.

Diamante Blockchain Consortium Continues To Attract Diamond Businesses Of All Sizes With Its Trade Opportunities

The diamond consortium will offer a range of advantages for diamond businesses to network with the global market and conduct trade in a secure and efficient platform.

The jewelry industry often takes a hit because of the circulation of counterfeits in the market. This is true especially in the global diamond industry (worth 80 Billion USD), with lower-priced synthetic and lab-created diamonds being passed off as natural mined diamonds. In the shadow of such a predicament, blockchain technology is being viewed as an innovation that can mitigate the flow of fake diamonds and conflict diamonds. Diamante Blockchain Consortium goes a step further and plans to provide a unified and regulated marketplace to diamond industry participants across verticals, opening up growth avenues.

Advantages for small scale and medium scale companies in the consortium:

Small and medium scale companies will directly connect with buyers around the world with full privacy and get optimal value for their goods, and acquire rough diamonds at a fair price. Validating transactions through smart contracts would eliminate fraud and late payments.

Companies belonging to this category stand to benefit from a unified marketplace created using blockchain technology to provide them with growth opportunities. Ease in acquiring approved credit from the consortium’s available funds is another detail growing businesses could leverage.

Advantages for Premium Companies in the consortium:

Similar to small and medium-sized companies, premium companies can accelerate their growth with higher efficiency. Premium companies can acquire investments from around the world, which would be a challenge in the present unregulated market. The consortium will present enormous marketing opportunities with significantly low costs compared to the current system.

How can Diamante Blockchain Consortium help invigorate the diamond market?

Diamonds are no longer exclusive to the elite as more and more consumers from the middle-income group view them as an alternative investment option if not simply as ornaments to add to their jewelry collection. However, the current generation is also conscious of the human cost in some regions of sourcing rough diamonds and even the proliferation of fake diamonds sold at the originals’ price. According to a survey, 66% of the diamond consumers were willing to spend more on sustainable and ethically sourced gems. Unfortunately, in the absence of an adequate system to verify, validate, and guarantee diamonds’ authenticity, low-value counterfeits often leaked into the supply chain. This compromised the demand for diamonds in the market.

Blockchain changed the game with the transparency and accountability it brought to the diamond industry, consequently boosting trust in the market. The decentralized distributed nature of the technology works on a consensus system that makes it near impossible to hack into the record of transactions and valuable data stored in the shared ledger. The details of the transactions in each stage of the supply chain are validated by smart contracts and free from manipulation and bias.

Chirag Jetani, COO of Diamante Blockchain, explains, “Diamante Blockchain Consortium participants can trade internally and have access to a vast consumer platform through a unified market place. Payments settle between trade participants through P2P technology that will provide a much quicker payment facility at a lower transaction cost in both national and global markets.” Transactions will be made using DIAM – the native digital asset of Diamante Net. Each DIAM is assigned a unique coded identity, which allows a user to track its movement anywhere within the network, thus preventing fraud. The Diamante Blockchain Consortium ensures that its members are authentic via a thorough KYC procedure. It complies with AML and USA Patriot Act to establish a secure ecosystem for diamond traders.

About Diamante Blockchain:

Diamante Blockchain LLC, the USA-based diamond consortium, is your one-stop destination if you are looking for result based diamond supply chain management. The consortium provides a unified marketplace for players across the diamond industry – from mining companies to cutters, polishers, certifiers, manufacturers, retailers, and end-customers. Built on Distributed Ledger Technology, Diamante Blockchain Consortium promises its clients and members complete transparency, assured quality, and cost-effectiveness in trade and transactions within its network.

The Diamante Consortium makes for an ecosystem where its members can obtain a line of credit with ease. It provides a first-of-its-kind marketplace for the Gem and Jewelry industry where trade is established through smart contracts. The consortium operates in compliance with Kimberly Certified norms, Anti-money laundering (AML), and USA Patriot Act.

Diamante Blockchain Consortium uses DIAM – its native digital asset – to carry out transactions and trade in its blockchain network.

Source: Original

Diamante Corporate Payment Is Set To Ramp Up The Security Of The Existing Online Transaction System

Blockchain payment systems are simplifying and increasing the efficiency of online transactions and Diamante Corporate Payment is set to bring about this change in the diamond industry

Although still a nascent technology, Blockchain has made remarkable improvements in the area of online transactions across industries. Its significance can be felt strongly in the diamond industry, where trust between trade participants is of utmost priority.

Diamante Blockchain Consortium – one of the first platforms to incorporate distributed ledger technology to soon create a unified marketplace for diamond industry participants – has taken another step towards revolutionizing its sector’s operations. It is set to launch Diamante Corporate Payment to secure and transparent online transactions within the blockchain network.

Features of Diamante Corporate Payment:

The Diamante Corporate Payment built on blockchain is exactly what the diamond industry needs to boost market demand. Chirag Jetani, COO of Diamante Blockchain, explains, “While diamantaires are increasingly moving or expanding their business to online platforms, the trust consumers have on the reliability of online payment platforms has a lot of catching up to do. This is mainly because of the piling instances of cybercrimes that result in misappropriation of funds and identity theft.” 
Diamante Corporate Payment settles transactions using its high performing native digital asset, DIAM.

The automation of Diamante Corporate Payment has several benefits, such as: 

  • Online Purchase Order and Invoice creation and exchange
  • Sharing of Trade and Shipping documents securely through encryption
  • It digitizes the end-to-end trade process and unites all involved parties on a single network to drastically cut down processing time.
  • Manage working capital efficiently through live tracking of an account balance
  • Real-time reconciliation and information sharing with other parties on the network
  • Automate critical business processes through smart contracts
  • Protect your data through encryption and blockchain immutability 

Benefits of Blockchain to online transactions:

Blockchain is being increasingly adopted across industries for its lending transparency and security to records of transactions for auditing in the future. The following the other three advantages that blockchain brings in:

1. Economizing Time –

It facilitates direct interaction between trade participants and replaces the need to rely on intermediaries. Incorporating third parties’ services such as lawyers, red tape, logistics agents, and banks prolong the processing time and bring down productivity. Payments made using Diamante Corporate Payment and cryptocurrency products are made in a fraction of the time taken by the traditional process of settling payments.

2. Reduces Costs by Eliminating Third Parties –

External agents that are relied upon to authenticate transactions elongate the process while charging high fees for their service. This makes the overall process unnecessarily expensive. This Blockchain-based Corporate remittance product automates business processes with smart contracts replace. As a result, costs are cut, but the scope of errors incumbent to manual processing of vast volumes of data is eliminated. Additionally, cost-reduction could increase the profits of the industry by a wide margin.

3. Increases accountability –

Transactions in the diamond industry involve trade in extremely precious commodities prone to moving in and out of the supply chain by illegal means. The lack of transparency and traceability in the existing system is responsible for this conundrum. The immutable shared ledger of blockchain records and traces the diamonds’ movement in real-time throughout the supply chain, thus validating its authenticity. The cryptocurrencies used to make these transactions possess a unique digital identity that can track their whereabouts within the blockchain network traceable, preventing fraud.

About Diamante Blockchain:

Diamante Blockchain LLC, the USA-based diamond consortium, is your one-stop destination if you are looking for result based diamond supply chain management. The consortium provides a unified marketplace for players across the diamond industry – from mining companies to cutters, polishers, certifiers, manufacturers, retailers, and end-customers. Built on Distributed Ledger Technology, Diamante Blockchain Consortium promises its clients and members complete transparency, assured quality, and cost-effectiveness in trade and transactions within its network.

The Diamante Consortium makes for an ecosystem where its members can obtain a line of credit with ease. It provides a first-of-its-kind marketplace for the Gem and Jewelry industry where trade is established through smart contracts. The consortium operates in compliance with Kimberly Certified norms, Anti-money laundering (AML), and USA Patriot Act.

Diamante Blockchain Consortium uses DIAM – its native digital asset – to carry out transactions and trade in its blockchain network.

Source:https://www.benzinga.com/pressreleases/19/04/r13507194/diamante-corporate-payment-is-set-to-ramp-up-the-security-of-the-existing-online-transaction-syste

Diamante Blockchain Foundation Enters Mainstream Media With CNBC

Diamante Blockchain Foundation and the fast-growing blockchain diamond consortium it operates is the focus of an upcoming segment of Advancements television series, airing via CNBC.

Blockchain technology has found a fairground in the diamond industry to push the boundaries of its capabilities. One of the most interesting ways for this to unfold has been creating consortia dedicated to bringing in more transparency and efficiency into this centuries-old sector. While the novelty of blockchain still has some holding their reservations about its performance, forward-thinking enterprises, such as Diamante, have already dipped their toe in exploring its advantages. Diamante Blockchain Foundation, the non-profit wing of Diamante Group LLC, is set to take the Diamante Blockchain story to a wider audience with CNBC and DMG Productions.

Being one of the first of its kind, Diamante Blockchain’s journey till now and its way forward is the focus of the interview organized by DMG Productions. The episode was recently shot in New York, the USA, and India, one of the world’s top-ranking diamond hubs. The segment will delve into the core ideas behind the project, as explained by the team members. Dinesh Patel (CEO of Diamante Blockchain), Chirag Jetani (Chief Operating Officer), Erik A Jens (Ex- ABN AMRO CEO & Chief Financial Expert), and Raj Chowdhury (MD of HashCash Consultants and Chief Technology Architect of Diamante) will be speaking on topics ranging from the structure of Diamante Blockchain, and the potential of blockchain and future payment services in the diamond industry, and its plans of expansion. The interview will be broadcast on an upcoming episode of Advancements via CNBC.

Diamante Foundation is a part of Diamante Consortium, a non-profit open-source platform dedicated to bringing transparency and accountability to the diamond industry. It will provide a unified marketplace for diamond companies of every size and scale. Diamante Foundation will operate on Diamante NET, a state of the art blockchain network. Transactions and trade can be carried out within this highly secure network using DIAM, the native digital asset of Diamante NET. Overall, a blockchain-based system would revolutionize supply chain management.

Diamante is compliant with the Kimberly Certified norms, Anti-money laundering (AML) regulations, and the USA Patriot Act. This set of rules aims to mitigate the circulation of conflict diamonds and the generation of income by illegal means. Speaking from New York, Eric A. Jens said, “The diamond industry has struggled to maintain authentic and accurate records about the source and provenance of diamonds. As technology progresses, it is also becoming increasingly difficult to identify lab-grown diamonds from natural-mined diamonds. Now, the industry is looking to the blockchain to solve these issues.”

Since the diamond industry spans worldwide, Advancements’ global coverage via CNBC is ideal for informing about blockchain diamond consortium to a wider audience. The network has a strong presence in the U.S., Asia Pacific, Europe, Middle East, and Africa. It is a world leader in business news and is watched in more than 409 million homes worldwide, including more than 91 million households in the United States and Canada.

In the USA alone, 22.84% of the number of people assessed are those aged 18 to 29, and 30-49 years make up approximately 33%. The first group is socially aware and highly dependent on technology with a natural penchant for distributed ledger technology. The second group comprises seasoned professionals who are looking to improve outdated company infrastructures. The Collaboration between Diamante and DMG Productions is bound to excite both parties.

About Diamante Blockchain Foundation:

Diamante Blockchain LLC, the USA-based diamond foundation, is your one-stop destination if you are looking for result based diamond supply chain management. The foundation provides a unified marketplace for players across the diamond industry – from mining companies to cutters, polishers, certifiers, manufacturers, retailers, and end-customers. Built on Distributed Ledger Technology, Diamante Blockchain Foundation promises its clients and members complete transparency, assured quality, and cost-effectiveness in trade and transactions within its network.

The Diamante Foundation makes for an ecosystem where its members can obtain a line of credit with ease. It provides a first-of-its-kind marketplace for the Gem and Jewelry industry where trade is established through smart contracts. The foundation operates in compliance with Kimberly Certified norms, Anti-money laundering (AML), and USA Patriot Act.

Diamante Blockchain Foundation uses DIAM – its native digital asset – to carry out transactions and trade in its blockchain network.

Source:http://www.prweb.com/releases/diamante_blockchain_foundation_enters_mainstream_media_with_cnbc/prweb16179744.htm

Diamante Launches a Blockchain Consortium That Promises Security to Online Diamond Trade

The internet has expanded the extent of the diamond industry across oceans, and businesses are taking to online platforms for trade and transactions. Diamante Blockchain Consortium has unveiled a highly secure DLT platform for this very purpose.

Cross-border trade in diamonds is a vehicle for non-diamond-producing countries to profit from the business of the gemstones. This is because even though countries like India, Israel, and Belgium are not sites known for naturally occurring diamond reserves, these locations are replete with cutters, polishers, manufacturers, and other related service providers. Therefore, before a diamond reaches the display window of retail stores in its final form, they invariably make their way through myriad necessary stops. The Diamante Blockchain Consortium has introduced a state-of-the-art blockchain platform dedicated to online trade-in diamonds that provides a secure environment crucial to conducting the business of such high value.

Diamante Blockchain Consortium and online diamond trade:

Trade-in diamonds are a significant factor in calculating the GDPs of beneficiary countries through which a diamond journeys. This obviously entails several custody changes, validation of the transactions through massive volumes of paperwork, and settlements in several foreign currencies. The Diamante Blockchain Network presents the opportunity to automate and digitize the manual labor and paperwork involved in the process.

At the core of the platform is the technology which powers cryptocurrencies. The primary service it renders is providing an immutable distributed digital ledger to record every transaction executed within the blockchain network. These transactions will be validated and recorded by smart contracts, which are pre-programmed computer protocols, reducing inefficiencies and human error. Since settlements are made using DIAM (the native digital asset of the Diamante Blockchain Network), the time taken for settling remittances is reduced drastically, and the cost incurred is startlingly low. Moreover, each step of the process is protected by complex encryption and security practices implemented by leading global banks.

The entire body of transactions within the blockchain consortium will be maintained in compliance with the terms of trade privacy, keeping sensitive data belonging to consortium members and trade participants secure and private.

Blockchain, by nature, is extremely secure. Since transactions taking place on it are done using cryptocurrency, which has a unique encrypted identity each, it is possible to track its movement anywhere within the network. This feature of digital currency nullifies the chances of fraud and double-spending. Blockchain brings to the trade participants, and the diamond industry as a whole, a never before experienced level of transparency and accountability, encouraging increased investment in the sector.

Benefits of participation in Diamante Blockchain Consortium:

The Diamante Blockchain Consortium provides a unified marketplace that brings together industry participants, including miners, polishers, manufacturers, traders, and retailers. A provision such as this streamlines these actors’ business and sets the stage for synergizing the operations in this vast-spread multi-layered industry.

Participants of the diamond blockchain consortium will have to complete their KYC documentation, after which they will be allotted a rating within the consortium determined by a predefined algorithm. A platform like this will cover trading features, including regularity of payments to consortium members and analysis of the regular trade practices.

Distributed ledger technology has enabled diamond suppliers (and intermediaries like border agents) to operate with ease and clarity, relying on a blockchain ledger. Dinesh Patel, CEO of Diamante Blockchain, said, “The process involves using computer scanning tools to access a ‘digital vault’ and to determine the provenance of the diamonds that are registered on the network.” This lays the foundation to create new efficiencies in the blockchain that would reinstall assurance in consumers that their diamond is natural and conflict-free.

About Diamante Blockchain:

Diamante Blockchain LLC, the USA-based diamond consortium, is your one-stop destination if you are looking for result based diamond supply chain management. The consortium provides a unified marketplace for players across the diamond industry – from mining companies to cutters, polishers, certifiers, manufacturers, retailers, and end-customers. Built on Distributed Ledger Technology, Diamante Blockchain Consortium promises its clients and members complete transparency, assured quality, and cost-effectiveness in trade and transactions within its network.

The Diamante Consortium makes for an ecosystem where its members can obtain a line of credit with ease. It provides a first-of-its-kind marketplace for the Gem and Jewelry industry where trade is established through smart contracts. The consortium operates in compliance with Kimberly Certified norms, Anti-money laundering (AML), and the USA Patriot Act.

Diamante Blockchain Consortium uses DIAM – its native digital asset – to carry out transactions and trade in its blockchain network.

Source: https://markets.businessinsider.com/news/stocks/diamante-launches-a-blockchain-consortium-that-promises-security-to-online-diamond-trade-1027945199

Diamante Blockchain Authenticates Ownership And Credibility Of Diamonds

Diamante Consortium provides a healthy marketplace for diamond certifiers to enhance their reach in the industry.

The gem and jewelry industry is one of the oldest globally, and diamonds are probably the most coveted precious stones in the market. However, the sector has been mainly run on not-very-transparent traditional ways and sustained by backroom handshakes. Marked by minimal documentation, these two traits have presented diamonds as a favored vehicle for financing crime and laundering money. Diamante – a global diamond consortium powered by blockchain technology –is ready to launch its native asset, DIAM, to bring trade-in diamonds one step closer to encrypted digitization. This evolution aims to mitigate some of the challenges afflicting the diamond industry.

Benefits of participation in Diamante Blockchain Consortium:

The process of producing a diamond – be it gem-quality or the sort suited more to industrial purposes – sees the rough stone extensively travel from one part of the planet to another, with multiple stops in between. It could be sourced in Canada, Australia, Russia, Botswana, and South Africa, stop to be cut and polished in India, Israel, and China, and set in jewelry in Hong Kong and the USA. Finally, it would be sold worldwide to contribute to a market worth 80 billion dollars. The trade-in diamond is, in a nutshell, global.

This brings into the equation a voluminous change of hands in currency, documentation, verification, and money transfers through traditional institutions. Altogether, the process could span days, costing investors millions of dollars. 
Transferring operations such as tracking the gems’ movement on a supply chain, keeping a tab on exchanging documents, and verifying transactions on a blockchain have their benefits. A decentralized, immutable digital ledger would provide the industry with reliability and accountability, which is till now lacking. The Diamante blockchain network will see participation from different diamond sectors, including mining companies, manufacturers, retailers, and end customers.

Employing cryptocurrency also circumvents the tedious and time-consuming process of dealing with the standard payment model that goes through multiple stages of processing and regulations in banks. Diamond consortiums like Diamante attract investors because payments made on a blockchain network using cryptocurrency are much quicker. Additionally, the elimination of the need for intermediaries and agents makes the process low on cost.

Incentivized participation:

Since it is not easy to convince traditionally conservative players to adopt new technology, the switch to the blockchain platform will be incentivized. Participants of the diamond consortium will be able to purchase and trade with DIAM and create and list their own crypto coins on Diamante’s global cryptocurrency exchange. The consequence of this would be an enhancement of the profitability of their involvement in the diamond industry. The very practice of trading in cryptocurrency brings new energy into the market while visibly reducing the opaqueness attached to it.

Although there is much to hope for regulation in cryptocurrency, the traders at Diamante will be allotted a digital wallet and listed after thorough due diligence and stringent vetting. This covers KYC stages, verification of adherence to AML laws, and the Kimberly Process.

Way forward for blockchain in the diamond industry:

The diamond industry is fraught with challenges, and the introduction of a decentralized, immutable, easy to access blockchain ledger can address most of them. Simultaneously, cryptocurrency and its trade on exchanges such as the one provided by Diamante invigorate the diamond market, bringing in more investment without having to buy and sell diamonds themselves.

About Diamante Blockchain Consortium:

Diamante Blockchain LLC, the USA-based diamond consortium, is your one-stop destination if you are looking for result based diamond supply chain management. The consortium provides a unified marketplace for players across the diamond industry – from mining companies to cutters, polishers, certifiers, manufacturers, retailers, and end-customers. Built on Distributed Ledger Technology, Diamante Blockchain Consortium promises its clients and members complete transparency, assured quality, and cost-effectiveness in trade and transactions within its network.

The Diamante Consortium makes for an ecosystem where its members can obtain a line of credit with ease. It provides a first-of-its-kind marketplace for the Gem and Jewelry industry where trade is established through smart contracts. The consortium operates in compliance with Kimberly Certified norms, Anti-money laundering (AML), and USA Patriot Act.

Diamante Blockchain Consortium uses DIAM – its native digital asset – to carry out transactions and trade in its blockchain network.

Source:https://markets.businessinsider.com/news/stocks/diamante-blockchain-authenticates-ownership-and-credibility-of-diamonds-1027924786

Diamante And DMG Productions To Bring Focus On Blockchain In The Diamond Industry

Diamante Blockchain Consortium set to launch into mainstream media with a DMG Productions collaboration.

Diamante Blockchain Consortium – a pioneer in incorporating Distributed Ledger Technology in supply chain management in the diamond industry – is all set to conglomerate a wider audience’s attention through collaboration with DMG Productions. The project will hit the floor in the first quarter of 2019, and the segment is speculated to be broadcast in the second quarter via CNBC.

Blockchain is a technology that has been making waves across various industries, finding a strong footing in finance, insurance, online gaming, automobile manufacture, and trade sectors. By implementing blockchain to build its infrastructure, Diamante has made the diamond industry the next big sector to see this innovation play a significant role in its operations. The decentralized, digital ledger is extensively utilized to manage supply chains and value chains in the gem and jewelry industry. In the diamond industry, specifically, it has helped instill trust in and authenticate the source of diamonds, which are often mined illegally in civil conflict areas. Blockchain has made provenance tracking of precious stones more efficient, reducing the scope of the fraud.

With Diamante Consortium, blockchain has ventured beyond providing just transparency in the supply chain and created a secure ecosystem for trade and transaction, validated by smart contracts. Members of the consortium are positioned to enjoy several benefits, such as acquiring a credit line by simpler methods and the opportunity to network with potential buyers, sellers, and partners in a unified marketplace. It executes transactions in its blockchain network using DIAM –its native digital asset.

Diamante’s collaboration with DMG Productions is a benchmark in its roadmap, indicating the growing popularity of the diamond consortium. The award-winning producers behind Advancements with Ted Danson will focus on advances in technology in the diamond industry. The Advancements series is an information-based educational show that brings recent advances across numerous industries and economies. Its goal is to spread awareness on cutting-edge developments with the vision to enlighten about how technology and innovation continue to transform our world.

About Diamante Blockchain Consortium

Diamante Blockchain LLC, the USA-based diamond consortium, is your one-stop destination if you are looking for result based diamond supply chain management. The consortium provides a unified marketplace for players across the diamond industry – from mining companies to cutters, polishers, certifiers, manufacturers, retailers, and end-customers. Built on Distributed Ledger Technology, Diamante Blockchain Consortium promises its clients and members complete transparency, assured quality, and cost-effectiveness in trade and transactions within its network.

The Diamante Consortium makes for an ecosystem where its members can obtain a line of credit with ease. It provides a first-of-its-kind marketplace for the Gem and Jewelry industry where trade is established through smart contracts. The consortium operates in compliance with Kimberly Certified norms, Anti-money laundering (AML), and USA Patriot Act.

Diamante Blockchain Consortium uses DIAM – its native digital asset – to carry out transactions and trade in its blockchain network.

Source:http://www.prweb.com/releases/diamante_and_dmg_productions_to_bring_focus_on_blockchain_in_the_diamond_industry/prweb16061215.htm

Diamante Blockchain Set To Expand Its Consortium To Antwerp

Diamante Blockchain Consortium provides a platform to the world’s top diamond hub, bringing transparency and enhanced accountability to the industry.

Antwerp is one of the top diamond hubs globally, generating an annual economic turnover that exceeds $54 billion. Home to over a thousand diamond companies, Antwerp’s diamond industry is implementing blockchain technology to bring greater accountability and transparency to the sector. This trend sees many of these enterprises join Diamante Blockchain Consortium – the fastest-growing diamond consortium in the present day.

Belgian Diamond Industry Overview

The Belgian diamond industry is concentrated within a section of Antwerp called the Square Mile. There are currently over 380 workshops in this area that provide services to over 1,500 companies. They are joined by 3,500 merchants, brokers, and cutters who support the Belgian diamond industry. Approximately 84% of the rough diamonds mined around the world each year make their way through Antwerp.

However, a declining trend in polished diamonds has been noted in the past five years. For example, in 2017, $22.5 billion worth of polished diamonds amounting to 10.7 million carats were traded from the Antwerp diamond market. This number was made up of export of 5.6 million carats of polished diamonds and import of 5.1 million carats of the same, valued at $11.1 billion and $11.4 billion respectively. Although the amount seems quite large, compared to 2016, it actually indicates an overall slump of 7% in volume and 3% in value.

Problems facing the Antwerp Diamond Industry

Despite the noteworthy revenue raked in, Antwerp diamonds have a marred reputation that makes the Antwerp diamond exchange not a very trustworthy source to purchase diamonds from. This is attributed to the plethora of disreputable and unethical business practices that could end up scamming consumers. This reputation is also recognized as one reason that has led to a sharp drop in the export of polished diamonds from the Belgian diamond industry. This decline is most apparent from 8.4 million polished carats exported in 2011 to much less 5 million carats in 2017.

Diamante Blockchain Consortium instills trust in the Antwerp diamond industry.

Antwerp’s leading diamond enterprises have recognized the massive potential of blockchain technology to bring transparency to the diamond industry. They have viewed participation in the Diamante Blockchain Consortium as the quickest way to implement it. The consortium – built on distributed ledger technology – enables the provenance tracking of diamonds and provides details of each registered diamond, including its center of cutting, polishing, certification, and retail sale.

The blockchain network prevents fraudulent activities by keeping a permanent record of all the transactions within the network, validated by smart contracts. Confidential data relating to this consortium’s various clients and members are also protected in this tamper-proof ledger.

Diamante Consortium has set high standards in its ethical concern determined by the decentralized nature of the underlying technology. It also complies with Kimberly Certified norms, Anti-money laundering (AML) regulations, and the USA Patriot Act to guarantee every diamond’s authenticity in its network.

The future of blockchain in Belgium is bright, evinced by the recently organized blockchain summit in Brussels. The country is gearing up to implement the technological innovation across industries, and the diamond industry is clearly one that stands to benefit most from it.

About Diamante Blockchain Consortium

Diamante Blockchain LLC, the USA-based diamond consortium, is your one-stop destination if you are looking for result based diamond supply chain management. The consortium provides a unified marketplace for players across the diamond industry – from mining companies to cutters, polishers, certifiers, manufacturers, retailers, and end-customers. Built on Distributed Ledger Technology, Diamante Blockchain Consortium promises its clients and members complete transparency, assured quality, and cost-effectiveness in trade and transactions within its network.

The Diamante Consortium makes for an ecosystem where its members can obtain a line of credit with ease. It provides a first-of-its-kind marketplace for the Gem and Jewelry industry where trade is established through smart contracts. The consortium operates in compliance with Kimberly Certified norms, Anti-money laundering (AML), and USA Patriot Act.

Diamante Blockchain Consortium uses DIAM – its native digital asset – to carry out transactions and trade in its blockchain network.

Source:https://www.benzinga.com/pressreleases/19/01/r13013634/diamante-blockchain-set-to-expand-its-consortium-to-antwerp

HashCash Collaborates With Diamante To Battle The Circulation Of Blood Diamond

Rising demand for ethically sourced diamonds has industry stalwarts incorporating blockchain for increased transparency in tracking gemstones

It is not every day that the storyline of a Hollywood movie outshines the actors starring in it, especially if they are of the caliber of DeCaprio. But such was the case with Blood Diamond, a film that made a chunk of the thinking population cringe at the sight of their engagement ring.

The issue highlighted in the motion picture – that of illegally mined diamonds, farmed at the cost of human life, ethics, and everything one holds moral – unfortunately still thrives. Administrations, civil societies, and industry stalwarts the world over have been working in conjunction to reduce the flow of blood diamonds, or conflict diamonds, as they are also called. However, the consortiums, and the strategies they had to implement to achieve this goal, have time and again failed to live up to their expectations, leaving something to desire.

For a technology like blockchain to gain traction like this has been seen by many as an answer to people’s prayers for ethical diamond mining. A game-changer in itself, blockchain is a decentralized ledger used widely to record any transaction type but has utilizations much beyond banking and finance. Automobile industries, pharmaceuticals, climate change councils, medical research – almost every sector is sprinting to blockchain to find new-age solutions to their age-old problems.

The promise of blockchain in regulating the diamond mining industry is immense. From the point of digging up a piece of pressurized carbon till it is encrusted on a platinum ring and sitting on an oligarch’s index finger – the bracket in which fraud can occur is a wide one. Now imagine a system – backed by highly sophisticated computer encryption and bereft of any threat of being tampered with – exists to record each step of the process. It follows the tiniest rock across the globe, from its point of discovery to cutting, then polishing, embedding, wholesale, and retail and only those with verified permission can add data to the blockchain database. The transparency it would provide in the entire supply chain would be a massive blow to the operations of rebel factions and militia that survive off the human cost of blood diamonds.

Not all heroes wear capes, they say. Stepping up to the occasion are some proactive software development companies working tirelessly to innovate foolproof solutions to get around the problem of human exploitation, which has become a scour for the jewelry industry. De Beers and Fura Gems have already taken steps to incorporate advanced technology into their operations. California-based software development company, HashCash, has come into the news for collaborating with Diamante to augment and fortify a system to track every registered gem’s movement accurately. This move has been received well by company players concerned by the growing demand for ethically sourced jewelry by customers.

Source:https://www.benzinga.com/pressreleases/18/11/r12729426/hashcash-collaborates-with-diamante-to-battle-the-circulation-of-blood

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