Blockchain Blockchain technology and Crypto currencies are transforming the world and the Diamond industry is no exception. Despite some nascent efforts, no blockchain ecosystem focused on the diamond industry has been designed that encompasses the various issues faced by the industry.
The need for transparency, visibility and objectivity in the diamond industry was felt many decades ago. The need for person to person contact when processing a diamond purchase or sale, limited the size of the market. GLITZKOIN focuses on integrating the best features of the conventional diamond industry with, the utility and functionality of the latest blockchain technology.
DIAMOND INDUSTRY
Diamonds are one of the world’s, and specifically Africa’s, major natural resources. An estimated US$15 billion worth of rough diamonds are produced per year, of which approximately US$8.5 billion are from Africa (approximately 65%). The diamond industry employs approximately ten million people around the world, both directly and indirectly, across a wide spectrum of roles from mining to retail. Global diamond jewelry sales continue to grow, increasing three-fold in the past 25 years, and are currently worth in excess of US$79 billion every year.
The diamond jewelry supply chain (known as the diamond pipeline) is the process that brings diamonds from the earth to consumers. It has several different stages:
The GLITZKOIN project provides a high utility blockchain, providing a win-win trading platform for buyers and sellers of diamonds. Detailed records are maintained in a tamper-centered environment. Backed by our cryptocurrency, we are ready to set new and superior standards for diamond trading.
VISIONT
his document outlines GLITZKOIN’s vision for the diamond industry. GLITZKOIN seeks to build a blockchain based open ecosystem for the diamond industry where all the trade in diamonds can be conducted and coordinated.
GLITZKOIN is a global startup that uses the best of emerging technology including blockchain, smart contracts and machine learning to assist in the reduction of risk and fraud for banks, insurers and open marketplaces in the diamond and precious stone industry. We provide a full ecosystem for the diamond industry from a supply chain solution, to tracking & certification of diamonds and finally a decentralized exchange for the trade of diamonds and related services.
GLITZKOIN UTILITY FOR THE DIAMOND INDUSTRY
We incorporate the latest blockchain technology into the supply chain of the diamond industry. This opens up a new platform to conduct global trade in diamonds. Besides reducing the costs related to a transaction, GLITZKOIN eliminates the inefficiencies that are inherent to paper based transaction processing. A set of advanced functions are implemented to provide a very intricate and detailed, diamond tracing and tracking capability. The objective is to decentralize the market place for diamonds, this will vastly open up access for buyers and sellers of diamonds. The diamond trade does require additional ancillary services like shipping, finance and insurance. These services will be provided by separate service providers. The GLITZKOIN Project will only integrate them in the platform and not be charging any commission or brokerage for such third party services.
MARKET TRENDS AND POTENTIAL
There is no doubt that the implementation of GLITZKOIN, will increase the market reach of the diamond industry. The increased visibility of products and the acceptance of a crypto currency, will make it possible for diamond dealers at all levels to increase their market share. At the same time, the transparency of the whole process and the authentication of the diamonds, will instill confidence in both professional and first time diamond buyers. The absence of middlemen and a lowering of transportation and other related costs, will allow for highly competitive pricing.
TOKEN SALES
The minimum buy amount is 100 USD if payment is made through any of these Crypto Currencies - Bitcoin (BTC), Ether (ETH) and Stellar (XLM). For payment made through Bank Transfer, the minimum buy amount is 10,000 USD.
Glitzkoin project is pioneer with a team of experts which consist of blockchain developers advisors, engineers,consultants and marketing managers. Members of the team include; Navneet Goenka,Olga Rosina, Shashank Agarwal, Sofia Fischer, Lila Hussian, Dato Alia Hm Jally and Dinesshwaran Yoogan. With this powerful combination they are very ready to carry out the project execution to a successful completion. We wish them success.
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