Bitcoin Misses Access To $90 Billion Diamond Industry

The DiaEx diamond platform is the doorway to the $90 billion diamond industry – and subsequently to the gigantic global luxury sector. Rumors were circulated linking both Bitcoin and ETH to DiaEx. Part of the Glitzkoin project, DiaEx is a diamond trading platform that supports,  B2B and B2C trade in diamonds. The Glitzkoin GTN crypto token is the sole mode of payment on DiaEx. 

The May 2021 slump in Bitcoin prices, seemed to trigger a bagful of rumors related to BTC. Talk was that Glitzkoin had decided to accept both Bitcoin and ETH, as payment options on the DiaEx platform. This was in addition to the Glitzkoin GTN token. 

The objective of spreading such rumors, seems to have been to lure retail Bitcoin investors into a buying mood. Glitzkoin has never supported, high powered crypto marketing strategies that make false claims. The idea ever since the inception of the Glitzkoin project, has been to have the Glitzkoin GTN token as the sole mode of payment on DiaEx. 

The features of DiaEx were conceptualized, keeping the weaknesses of traditional diamond trade in mind.  Cooperation between veterans from the diamond industry and tech experts from Glitzkoin, helped finalize areas where, blockchain and cryptocurrency could help the glittering industry. The idea was to improve productivity and market scope for diamond traders – at all levels.  

Diamond traders who helped run the first pilot run for DiaEx in late 2019, were familiarized with the concept of using the GTN token to settle payments. There is little doubt that both GTN and DiaEx, would be welcomed by the diamond industry. Never has there been any official talk from Glitzkoin about, adding Bitcoin and ETH as additional modes of payment on DiaEx. 

Yes Bitcoin did miss access to the multibillion dollar diamond industry. The surest way of letting this happen would be, for the ‘king of cryptos’ to operate as a payment option on the Glitzkoin diamond trading platform. Glitzkoin on its part stood by the original plan of limiting, payment options to the GTN token on the DiaEx. 

Olga Rosina the Russian diamond expert on the Glitzkoin team is currently, overseeing the second pilot test run of DiaEx. This brings us a big step closer to launching DiaEx in 2021. 

And GTN investors can rest assured that, the mission to increase usage of GTN as a payment token is currently moving strongly ahead. Negotiations are already underway to explore, the possibility of developing platforms similar to DiaEx across different businesses and industries. 

GLITZKOIN: A quick recap of the Glitzkoin project and the GTN crypto token.  The project was launched to improve the demand for natural diamonds and to enhance, the efficiency and productivity of the multibillion dollar industry. 

The DiaEx diamond trading platform was developed using Stellar blockchain resources. The GTN token was launched as part of the project and is designated, as the mode of payment on DiaEx. Promoted by second generation diamond veteran Navneet Goenka, Glitzkoin assigned a multifaceted role to the GTN token.  

The trading platform was completed in 2019 and was put through rigorous testing in early 2020. A team of diamond dealers subsequently did a pilot run on DiaEx with, actual transactions made on the platform.  This process was largely successful and revealed a few areas for improvement. The Glitzkoin tech team was handling the minor adjustment when, the pandemic and subsequent lockdowns slowed down the process. The management will reschedule the full launch of DiaEx once the health crisis eases. 

Talking about the multifaceted nature of the GTN token, the project is also focused on further increasing usage for the crypto – this aside from crypto exchange trade and the payment usage on the DiaEx platform. The concept is to have operators of various businesses, accept the GTN token as a mode of payment in their operations. Moving this idea forward Glitzkoin has confirmed a partnership with online ticketing giant, wherein clients of the ticketing portal could use the GTN token as a mode of payment. Technical requirements for the integration of systems on both sides is at an advanced stage, nearing completion. Reviewing the challenges that the entertainment industry has been going through during the COVID pandemic, both managements have decided to set a launch schedule when the situation starts to normalize. The arrangement setup between Glitzkoin and will form the blueprint, for similar deals to be negotiated with other business operators. 

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