The diamond industry despite its 90 billion dollar turnover, has the potential to grow much bigger. DiaEx is the first blockchain based, diamond exchange to be promoted by an insider from the industry. Navneet Goenka promoter of the project is a second generation diamond veteran. In his words ‘… while diamond markets have stagnated for the past few years, this is not the only challenge that the industry faces. Inefficient and unproductive processes and costs have always been a part and parcel of diamond trade…’.
The DiaEx diamond exchange promoted as part of the GLITZKOIN blockchain project, is focused on improving efficiency and sales for the multibillion dollar industry. The diamond community views GLITZKOIN CEO Navneet Goenka, as a business associate. This has made it easier for the project promoters to explain, the concepts and benefits of the diamond exchange to leading diamond traders.
Interestingly most diamond blockchains launched around this time, have been unable to provide a comprehensive solution to support diamond trade. The DiaEx exchange includes procedures and processes, to enable diamond trade without any geographical barriers. Buyers located anywhere in the world can directly access details for any diamond listed on the exchange. And since every diamond that is listed is backed by a certificate from a globally recognized diamond testing lab, there is no possibility of fake stones being traded.
The price at which diamonds are listed will be the price that the buyer sees, no middlemen and no price cloaking. This combined with the fact that only authenticated diamonds would be listed, would have a positive impact on the market. To put it simply buyers need not necessarily be hardcore, diamond professionals to trade on the exchange.
GLITZKOIN has included a crypto currency (GTN) in the project plan, this for a very essential reason. The banking system has always dictated its own procedures and service charges, when payments are processed. Diamond traders never had an option and were forced to put up with these challenges. Things get even more complicated when trade is conducted internationally across nations, the issue of multiple currencies and conversions adds a significant degree of complexity to the transaction.
Trading on the DiaEx diamond exchange will be void of banking system woes and worries. The GTN token will be used to settle payments on the exchange, currencies and locations will not matter. And we all know that the processing charges over blockchain technology are very reasonable.
Product development for the DiaEx diamond exchange is progressing on target, this happens to be a prominent portion of the GLITZKOIN project that the diamond community is eagerly waiting for.