Counterfeits, conflict or blood diamonds, minimal documentation, and murky transactions are some of the major problems that have been plaguing the centuries-old diamond industry. Issues related to traceability of diamonds and other loopholes in the manufacturing and trading affect the global diamond industry as a whole.
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, and Diamante Blockchain has been spearheading that cause for quite some time now. Taking a step ahead towards that goal, the diamond blockchain consortium hosted a seminar in August at the Golconda Ballroom of Hotel Trident BKC, Mumbai. The seminar brought together representatives from banks, industry leaders, and stakeholders all 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 in association with 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 where 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 aim behind the event was 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 has to offer 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 an array of 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 in this case 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 the 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 line of credit with ease. Together, the expanding body of specialized services provided by Diamante 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.