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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