Glitzkoin as a project does more than just promote the GTN crypto token. The DiaEx diamond trading platform is one important segment of the project. Just to recap, the project is the brainchild of second generation diamond veteran, Navneet Goenka. One of the objectives of Glitzkoin is to improve efficiency and market scope, in the multibillion dollar diamond industry.
Before we get into the details of how, DiaEx would improve the glittering industry, we must mention that the platform is also important for the crypto community. The platform supports B2B and B2C trade in diamonds, transactions are settled using the Glitzkoin GTN token as the mode of payment. This raises GTN trading activity on the exchanges, something that is always good for a crypto.
DiaEx Benefits The Diamond Industry:
Trading Platform: Diamond dealers can conduct both wholesale and retail trade, irrespective of their location. Transactions can be secured through well known escrow services – most diamond dealers have their preferred escrow service and can continue to use it.
Eliminates Middlemen: Diamond trade has traditionally been conducted through brokers and commission agents. These middlemen add their profit margins and commissions to the price tag – this without providing any added value. Diaex will allow buyers and sellers to transact directly on the platform, no middlemen and no inflated prices.
Certified Diamonds: It is only natural certified diamonds that, can be listed on DiaEx. Glitzkoin shortlists a group of internationally reputed testing labs, that can be picked for the certification process. Certified diamonds have their specifications clearly and objectively stated. This makes price comparison easier, something that is of benefit to the buyer and seller. Certified diamonds boost buyer confidence – this applies to both professional and casual diamond buyers.
No Synthetics: While synthetic diamonds have gathered support among, jewelry buyers looking for low price tags – Glitzkoin has decided to limit diamond listings on DiaEx to natural diamonds. Synthetic or lab created diamonds as they are often called, are not permitted to be listed on DiaEx.
Wider Markets: Diamond sellers have access to wider markets. This because retail consumers, who would normally be hesitant to buy a diamond, would gain confidence from the features and measures implemented on DiaEx. Glitzkoin would also run marketing campaigns to promote the platform in the diamond industry.
Buyer Benefits: Both experienced and casual diamond buyers, would have access to a large inventory of diamonds. The fact that each diamond listed would have its own, independently assessed certification, significantly cuts risks and stress. As inventories increase, prices are more realistically quoted. Buyers would have multiple, diamonds that meet their requirements – they could then choose those with the best quoted prices.
Payment Revolution: Payments for diamond purchases are significantly large, transfer charges and currency conversion expenses are fairly high. Banks force lengthy procedures and banking rules, vary widely across nations. DiaEx resolves this issue by, designating the GTN cryptocurrency to settle payments. This ensures that money transfers happen quickly and very economically – there is no issue related to currency conversion. The need to put up with cumbersome banking regulations is also eliminated. This is a true revolution since handling payments, for the industry has always been a challenge.
Concept Expansion: This is something that adds to the utility value of the DiaEx concept. The Glitzkoin technical team is currently exploring opportunities where, similar platforms could be designed and implemented across a range of industries. These platforms would also deploy GTN as a mode of payment.
A brief summary regarding the progress of the DiaEx platform. Important information as DiaEx interests both, the diamond industry and the crypto community. Development work related to the diamond trading platform, was completed in 2019.
The module was thoroughly tested through a pilot run that was conducted, just before the pandemic set in. Minor edits and corrections that were raised during the pilot run, were completed during the lockdowns (2020). The second and final pilot run is scheduled to happen in 2021.
Presuming that the pandemic is controlled in 2021, we expect a launch of DiaEx in the same year. It is important to understand that, diamond trading requires a range of ancillary services including shipping, insurance, custom agents etc. Restricted travel and lockdowns if they do re-occur, could hamper those services.
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 Myticket.asia, 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 Myticket.asia will form the blueprint, for similar deals to be negotiated with other business operators.
Related Resources: [Project Updates]