Diamante Blockchain Makes Huge Impact at JCK Las Vegas 2019

Diamante shone the light on the role distributed ledger technology can play in the diamond industry at the world’s leading jewelry trade event.

JCK Las Vegas 2019 – the largest jewelry convention globally – is one of the most anticipated events for business and networking in the diamond space. It draws 30,000 of the world’s most influential industry professionals with their expertise and insight into the world of diamonds. Diamante emerged as one of the most promising proponents of the technology that will change the diamond industry’s payments and financing. Diamante team members Dinesh Patel, Erik Jens, Chirag Jetani, Kishan Vaghasia, attended the conference, and Sam Proctor and Andrew Pedvis attending on behalf of Genesis Block, a leading blockchain-focused services platform.

Diamante Consortium has brought diamond industry participants across verticals– from mining companies to jewelers, polishers, manufacturers, retailers, and end customers – on a unified platform to trade directly with each other. The consortium itself is built using Distributed Ledger Technology, making transactions made on the blockchain network (Diamante Net) traceable and reliable. Diamante has also introduced Diamante Corporate Payment, which enables real-time and low-cost settlement of payments.

The innovative implementation of the tech by Diamante demonstrates the adaptability of blockchain to suit the diamond industry’s needs. Implemented at scale, it would bring an unprecedented level of efficiency to diamond-based payments and finance.

Chirag Jetani, COO of Diamante Blockchain, said, “JCK unites a community that is shaping the future of the jewelry industry. Needless to say, the participants of the event are all forward-thinkers and open to explore the latest tech offerings to improve the jewelry sector. Our efforts with blockchain garnered a lot of interest, and we will see broader adoption of Distributed Ledger Technology in the industry pretty soon.”

Sam Proctor, Chief Executive Officer of Genesis Block, said, “We are motivated by the belief that Distributed Ledger Technology has the potential to impact supply chains across the economy, and diamonds are no exception. Diamante is clearly establishing itself as a leader in leveraging this technology to make the diamonds payment ecosystem more efficient and cost-effective.”

Erik Jens had his own observation to share, “At the JCK show, there was a clear trend in understanding the opportunities technological ecosystems, such distributed ledger technology, offer concerning driving efficiencies, connectivity, and collaboration, elements needed to enhance profitability but as important enhancing consumer trust and confidence in jewelry. After all, tomorrow’s customer is tech-innate, collaborative and global-minded, ethical and keen on social media online shopping.”

JCK is organized for order writing, inspiring education, and networking. It functions as a premier destination to discover the latest trends designs in expansive jewelry collections, gems, timepieces, and related services. The flagship event at Las Vegas had 2,300+ exhibiting vendors worldwide, specializing in timepieces, loose gemstones, equipment, supplies, technology, security, and business solutions. It was attended by 23,000+ individual retailers and 9,400+ retail stores ranging from independents, majors, department stores, boutiques, and galleries, 23% of which were from brands from outside of the United States.

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 transparency, 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 Diversifies Trade In Diamond With Cryptocurrency And Blockchain

Diamante’s plan to introduce digitized assets into the global diamond exchange promises to revolutionize trade in the gem.

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 their native asset, DIAM, to bring trade-in diamonds one step closer to encrypted digitization to mitigate some of the challenges afflicting the diamond industry.

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, set in jewelry in Hong Kong and the USA, and finally be sold all over the world 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. Together, the process could span days, costing investors millions of dollars.

Transferring the operations such as tracking the gems’ movement on a supply chain, keeping a tab on the exchange of documents and verifications of transactions on a decentralized, immutable digital ledger would provide the industry with reliability and accountability, which is till now lacking. The Diamante Blockchain network sees participation from different diamond sectors – including mining companies, manufacturers, retailers, and end customers.

Since it is not easy to convince traditionally conservative players to adopt new technology, the switch is incentivized. Participants of the diamond consortium will be able to purchase and trade with DIAM, create and list their own crypto coins on Diamante’s global cryptocurrency exchange, and therefore enhance 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.

Employing cryptocurrency also circumvents the tedious and time-consuming process of dealing with the standard mode of payment 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. Because of the elimination of intermediaries and agents, low on cost. 
Although there is much to hope for regulation in the realm of cryptocurrency, the traders at Diamante are given 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.

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.


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