Why Do We Need Blockchain-Powered Diamond Consortiums?

Why Do We Need Blockchain-Powered Diamond Consortiums?

The inheritance of trade-in diamond goes a long way back in time when there were no sophisticated systems to find the rise and fall of asset values. The cost of a rare diamond could vary to a great extent in multiple geographic locations, primarily due to the lack of knowledge or the true value of the stone. Diamond consortiums are focused to change this and make these stones a standard asset in trading, bringing in reliability and transparency in the pricing of the gems.

Blockchain offers a historical ledger-based price tracking system that can record and track the stats of transactions at private sales and auctions of a certain diamond. These diamonds are then followed over a period of time, recording the graph of the various costs it is sold at. This will show what the diamonds have done in the past, where they are now, and where they will be in the future. To a potential investor, this information is crucial to determine which diamonds are the most promising ones to put their money on.

Diamante is one of the first diamond consortiums to have integrated the high-end jewelry industry with the software sector in adopting blockchain. The decentralized ledger provides a highly protected platform in which participants from every corner of the diamond industry can take part, contribute to, and verify the data which is being transacted.

This concept is gaining popularity in proportion with the increasing demand for genuine diamonds and has significantly enhanced the sale of genuine non-conflict diamonds. Soon, diamonds would have the same stock investing value as that of gold. More and more people would feel safe to invest in diamonds instead of gold especially when the entire history of the diamond is being recorded by a single source of truth. Blockchain and cryptocurrencies would transform the entire complexion of the diamond trading ecosystem.

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