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 business of such high value.
Diamante Blockchain Consortium and online diamond trade:
Trade in diamonds is a significant factor in the calculation of the GDPs of beneficiary countries through which a diamond journeys. This obviously entails several changes of custody of goods, 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, thus 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 the 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 the business of these actors 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, subsequent to 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.