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IBEX INDIA 2020 – Diamante Blockchain Steals the Show by Winning at DCB Bank Innovation Carnival

Diamante takes the winner’s position at the DCB Bank Innovation Carnival innovative technology exhibit during the IBEX INDIA 2020 Expo, Mumbai.

LENEXA, KANSAS FEBRUARY 25, 2020 Diamante Blockchain wins big at DCB Bank Innovation Carnival, held during the International Banking Expo IBEX INDIA 2020. The startup claimed the winner’s position at Innovation Carnival by showcasing its revolutionary Blockchain-based diamond supply chain in-front of the jury members. This success adds Diamante Blockchain into the list of startups that will compete at the main Innovation Carnival event, scheduled for August 2020.

Sharing his experience, Chirag Jetani, Co-Founder and COO of Diamante commented, “IBEX INDIA is one of the most anticipated events of the year that offers a platform for Fintechs to showcase their innovations in front of the bankers and potential investors in the financial sector. We are elated at the acknowledgment received from DCB Bank through their Innovation Carnival and look forward to the last leg of the competition in August.”

IBEX India 2020
This year marked the 8th edition of IBEX India (International Trade Fair and Conference on Banking Technology, Equipment and Services). The Expo was held from 13th to 15th February in Mumbai.

Since 2011, IBEX INDIA has served as a platform to unite technological innovations with the banking sector, spearheading the cause of Fintech evolution. The event brings together technology innovators, banking professionals, regulators and investors all under one roof. The continued success of this event owes its support from the esteemed advisory committee comprising of senior bankers from leading Public and Private Sector Banks.

For the past 7 years, IBEX INDIA has connected around six hundred technology companies with more than eighteen thousand BFSI professionals hailing from India and South Asia.

The Expo consists of a Trade Show and Conference, offering a demonstrative platform to technology companies and Fintech startups.

DCB Bank Innovation Carnival
DCB has been one of the frontrunners in the banking sector, fervently supporting the Fintech R ji evolution. The Innovation Carnival is just one of their attempts to bridge the gap between technology and financial services.

DCB offers a platform to students, domain experts, developers, and startups to exhibit their innovative technological solutions in Fintech including Blockchain, IoT, Digital Payments, AI, Automation, etc. Spanning across multiple cities, the exhibit aims to harness the power of new technologies to optimize the existing operational architecture of the financial sector.

An internal program of the DCB Bank, Innovation Carnival focuses on innovative technologies related to lending, trading, investing, risk management, retail banking, Big Data, mobile payments, regulatory compliance, enterprise social and security.

About Diamante Blockchain:
Diamante is a Fintech company that focuses on leveraging Blockchain technology to create a dedicated, universal diamond ecosystem, ensuring full security and establishing concrete trust in, for trade, payments, financing, and controls. Diamante seeks to provide its clients and members with an effective and entrusted supply chain management system that is the epitome of consistency, security, and cost-effectiveness throughout the value chain.

Diamante Blockchain LLC, the USA-based diamond consortium comprises of every part of the industry from mining to retail. Built on Distributed Ledger Technology, Diamante Blockchain Consortium promises authenticity, assured quality, and privacy in trade and transactions within its network.

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 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