Diamante Blockchain Meet Highlights the Spectrum of Opportunities of Blockchain in Diamond Industry

Diamante Blockchain hosted the Diamante Meets 2019 to discuss Spectrum of Opportunities in Mumbai introducing the revolutionary Diamante consortium to Banks, Industry leaders, and stakeholders. The seminar shed light on the future of the diamond industry through the utilization of blockchain technology.

Counterfeits, conflict or blood diamonds, minimal documentation, and murky transactions are some of the major problems plaguing the centuries-old diamond industry. Issues related to the traceability of diamonds and other loopholes in the manufacturing and trading affect the global diamond industry.

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. Diamante Blockchain has been spearheading that cause for quite some time now. Taking a step ahead towards that goal, the diamond blockchain consortium hosted an August seminar at the Golconda Ballroom of Hotel Trident BKC, Mumbai. The seminar brought together representatives from banks, industry leaders, and stakeholders 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 according to 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 were 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 event aimed 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 offers 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 various 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 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 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 credit line with ease. Together, Diamante’s expanding body of specialized services 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.

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 Corporate Payment Is Set To Ramp Up The Security Of The Existing Online Transaction System

Blockchain payment systems are simplifying and increasing the efficiency of online transactions and Diamante Corporate Payment is set to bring about this change in the diamond industry

Although still a nascent technology, Blockchain has made remarkable improvements in the area of online transactions across industries. Its significance can be felt strongly in the diamond industry, where trust between trade participants is of utmost priority.

Diamante Blockchain Consortium – one of the first platforms to incorporate distributed ledger technology to soon create a unified marketplace for diamond industry participants – has taken another step towards revolutionizing its sector’s operations. It is set to launch Diamante Corporate Payment to secure and transparent online transactions within the blockchain network.

Features of Diamante Corporate Payment:

The Diamante Corporate Payment built on blockchain is exactly what the diamond industry needs to boost market demand. Chirag Jetani, COO of Diamante Blockchain, explains, “While diamantaires are increasingly moving or expanding their business to online platforms, the trust consumers have on the reliability of online payment platforms has a lot of catching up to do. This is mainly because of the piling instances of cybercrimes that result in misappropriation of funds and identity theft.” 
Diamante Corporate Payment settles transactions using its high performing native digital asset, DIAM.

The automation of Diamante Corporate Payment has several benefits, such as: 

  • Online Purchase Order and Invoice creation and exchange
  • Sharing of Trade and Shipping documents securely through encryption
  • It digitizes the end-to-end trade process and unites all involved parties on a single network to drastically cut down processing time.
  • Manage working capital efficiently through live tracking of an account balance
  • Real-time reconciliation and information sharing with other parties on the network
  • Automate critical business processes through smart contracts
  • Protect your data through encryption and blockchain immutability 

Benefits of Blockchain to online transactions:

Blockchain is being increasingly adopted across industries for its lending transparency and security to records of transactions for auditing in the future. The following the other three advantages that blockchain brings in:

1. Economizing Time –

It facilitates direct interaction between trade participants and replaces the need to rely on intermediaries. Incorporating third parties’ services such as lawyers, red tape, logistics agents, and banks prolong the processing time and bring down productivity. Payments made using Diamante Corporate Payment and cryptocurrency products are made in a fraction of the time taken by the traditional process of settling payments.

2. Reduces Costs by Eliminating Third Parties –

External agents that are relied upon to authenticate transactions elongate the process while charging high fees for their service. This makes the overall process unnecessarily expensive. This Blockchain-based Corporate remittance product automates business processes with smart contracts replace. As a result, costs are cut, but the scope of errors incumbent to manual processing of vast volumes of data is eliminated. Additionally, cost-reduction could increase the profits of the industry by a wide margin.

3. Increases accountability –

Transactions in the diamond industry involve trade in extremely precious commodities prone to moving in and out of the supply chain by illegal means. The lack of transparency and traceability in the existing system is responsible for this conundrum. The immutable shared ledger of blockchain records and traces the diamonds’ movement in real-time throughout the supply chain, thus validating its authenticity. The cryptocurrencies used to make these transactions possess a unique digital identity that can track their whereabouts within the blockchain network traceable, preventing fraud.

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:https://www.benzinga.com/pressreleases/19/04/r13507194/diamante-corporate-payment-is-set-to-ramp-up-the-security-of-the-existing-online-transaction-syste

Diamante Launches a Blockchain Consortium That Promises Security to Online Diamond Trade

The internet has expanded the extent of the diamond industry across oceans, and businesses are taking to online platforms for trade and transactions. Diamante Blockchain Consortium has unveiled a highly secure DLT platform for this very purpose.

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 the business of such high value.

Diamante Blockchain Consortium and online diamond trade:

Trade-in diamonds are a significant factor in calculating the GDPs of beneficiary countries through which a diamond journeys. This obviously entails several custody changes, 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, 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 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 these actors’ business 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, after 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.

Diamante Blockchain Consortium uses DIAM – its native digital asset – to carry out transactions and trade in its blockchain network.

Source: https://markets.businessinsider.com/news/stocks/diamante-launches-a-blockchain-consortium-that-promises-security-to-online-diamond-trade-1027945199

Diamante Blockchain Authenticates Ownership And Credibility Of Diamonds

Diamante Consortium provides a healthy marketplace for diamond certifiers to enhance their reach in the industry.

The gem and jewelry industry is one of the oldest globally, and diamonds are probably the most coveted precious stones in the market. However, the sector has been mainly run on not-very-transparent traditional ways and sustained by backroom handshakes. Marked by minimal documentation, these two traits have presented diamonds as a favored vehicle for financing crime and laundering money. Diamante – a global diamond consortium powered by blockchain technology –is ready to launch its native asset, DIAM, to bring trade-in diamonds one step closer to encrypted digitization. This evolution aims to mitigate some of the challenges afflicting the diamond industry.

Benefits of participation in Diamante Blockchain Consortium:

The process of producing a diamond – be it gem-quality or the sort suited more to industrial purposes – sees the rough stone extensively travel from one part of the planet to another, with multiple stops in between. It could be sourced in Canada, Australia, Russia, Botswana, and South Africa, stop to be cut and polished in India, Israel, and China, and set in jewelry in Hong Kong and the USA. Finally, it would be sold worldwide to contribute to a market worth 80 billion dollars. The trade-in diamond is, in a nutshell, global.

This brings into the equation a voluminous change of hands in currency, documentation, verification, and money transfers through traditional institutions. Altogether, the process could span days, costing investors millions of dollars. 
Transferring operations such as tracking the gems’ movement on a supply chain, keeping a tab on exchanging documents, and verifying transactions on a blockchain have their benefits. A decentralized, immutable digital ledger would provide the industry with reliability and accountability, which is till now lacking. The Diamante blockchain network will see participation from different diamond sectors, including mining companies, manufacturers, retailers, and end customers.

Employing cryptocurrency also circumvents the tedious and time-consuming process of dealing with the standard payment model that goes through multiple stages of processing and regulations in banks. Diamond consortiums like Diamante attract investors because payments made on a blockchain network using cryptocurrency are much quicker. Additionally, the elimination of the need for intermediaries and agents makes the process low on cost.

Incentivized participation:

Since it is not easy to convince traditionally conservative players to adopt new technology, the switch to the blockchain platform will be incentivized. Participants of the diamond consortium will be able to purchase and trade with DIAM and create and list their own crypto coins on Diamante’s global cryptocurrency exchange. The consequence of this would be an enhancement of the profitability of their involvement in the diamond industry. The very practice of trading in cryptocurrency brings new energy into the market while visibly reducing the opaqueness attached to it.

Although there is much to hope for regulation in cryptocurrency, the traders at Diamante will be allotted a digital wallet and listed after thorough due diligence and stringent vetting. This covers KYC stages, verification of adherence to AML laws, and the Kimberly Process.

Way forward for blockchain in the diamond industry:

The diamond industry is fraught with challenges, and the introduction of a decentralized, immutable, easy to access blockchain ledger can address most of them. Simultaneously, cryptocurrency and its trade on exchanges such as the one provided by Diamante invigorate the diamond market, bringing in more investment without having to buy and sell diamonds themselves.

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://markets.businessinsider.com/news/stocks/diamante-blockchain-authenticates-ownership-and-credibility-of-diamonds-1027924786

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