The $90 Billion Diamond Industry, Glitzkoin Faces Competition?

Promoted by a second generation diamond veteran, Glitzkoin adopts a multipronged approach. The focus of the DiaEx diamond trading platform (part of Glitzkoin), is aimed at improving productivity and market scope, in the multibillion dollar industry. Supporting B2B and B2C trade in diamonds, DiaEx designates, the GTN token as the mode of payment.

It would be wrong to presume that, the entire Glitzkoin project is focused on the glittering industry. The tech team is currently exploring possibilities of, developing platforms similar to DiaEx, for other businesses across industries. These platforms would also incorporate the GTN token, as a mode of payment - significant progress has been made in this direction. Glitzkoin Business Development Manager Lila (Hussain) Ruzaini, has initiated discussions with a group businesses. While this is just the beginning, the overall scenario is decidedly positive. 

Glitzkoin made headway into the entertainment industry in 2019. As per the partnership finalized between, leading online ticketing portal MyTicket.Asia and Glitzkoin, the portal would accept the GTN token as a mode of payment. This partnership is just the beginning as, negotiations are on with other business operators. The idea is to further promote GTN as a payment token.

Back to the issue of competition from similar projects in the diamond industry. CEO Navneet Goenka explained the situation, “… the diamond industry is huge Glitzkoin hopes that, there would be more players in the $90 billion dollar business landscape. We never aimed to keep the entire pie to ourselves … the project has objectives that go well beyond the diamond industry. Having said that, we are aware that a narrow 5% slice of trade in diamonds, would amount to billions of dollars”.

Summarizing the issue of competition for Glitzkoin, in the multibillion dollar diamond industry – it is clear that the management welcomes it. This report also makes it clear that, the project has its horizons set well beyond the diamond industry.  It is precisely why the GTN token is referred to as, a multifaceted cryptocurrency. The multipronged approach defined by Glitzkon, puts the project in a class of its own.  

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.  

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