Diamond has always been known to personify wealth and one's social standing in this world. Before taking a dive into the significance of this marvelous natural substance, let's start with the basics.
The word "Diamond" has been taken from the ancient Greek term "adámas" which translates to "unbreakable".
Diamond is a scarcely occurring gem more durable than a rock and as beautiful as a wonder. The journey of diamond began in India, where it's trading began as early as the fourth century BC.
Followed by India, Brazil dominated the diamond market and then South Africa. Diamond is one of Africa's major natural resources.
It is estimated that there's a production of US$15 billion worth of diamonds out of which US$8.5 billion are from Africa.
Apart from symbolizing wealth, it is also responsible for generating a lot of wealth for the market and people associated with it. The jewelry sales market is worth about US$79 billion every year. This industry is known for creating a ton of employment opportunities.
Although the industry has a rich history it still holds a shining future. But there are still some barriers holding it back from reaching its full potential.
CURRENT INDUSTRY OVERVIEW
The Diamond industry today lacks the proper coordination and visibility. Due to the lack of transparency, its growth rate is diminished.
The market sales are slowed down due to the increasing number of procedures it has to go through to make a successful sale.
The lack of coordination makes it difficult for the seller and the buyer to carry out a successful transaction. The need of the resource is not properly in terms with the manufacturing industry as the market lack proper real-time communication.
It is also impossible to keep track of the diamond's origin and other attributes as the information are difficult to acquire.
This delays the purchases and often invokes complications leading to the reduction of market size.
The industry is in the need of an improved and reliable technology to progress to the next stage.
It needs something that is innovative enough to handle the challenges that the market poses while maintaining the integrity of this luxurious market.
Blockchain technology has been a game changer in every industry due to its decentralized nature and the flashy features it has to offer. It would be interesting to see its bond with the diamond industry.
How is Glitzkoin planning to improve the diamond industry?
Glitzkoin has recognized the market's need for an evolution. To combat inefficiency, GLITZKOIN uses the latest blockchain technology finding its use cases in the supply chain of the Diamond industry.
It's a well-known fact that transactions done over papers are incapable to last in today's world. Other than being difficult to maintain, it is outdated to function with present era's soft-culture. Blockchain abolishes the need for any paper-based transactions.
It will be easier to keep track of the Diamond during the trade process due to the transparent nature of the technology. It will be easier to know all about every diamond unit including tracing it back to its origin.
The information will be easily available reducing many other costs due to the decentralized nature of the market.
The services like shipping and insurance will be offered by third-party service providers and will not be additionally charged for as they are incorporated into the Glitzkoin platform.
Decentralization will also help in removing the communicational barrier between the stakeholders, miners as well as the final consumer.
This will expand the market greatly as it will allow anyone to buy or sell diamonds, also reducing the transactional costs involved and will be clear of any hidden charges.
GLITZKOIN TOKEN: FUEL FOR THE PROJECT
Glitzkoin tokens will be sold at ICO to be purchased by the investors.
A total of 999 Million Glitzkoin tokens will be generated out of which 245 Million tokens will be sold at the ICO.
At the ICO, the tokens can be purchased using Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Ripple (XRP) and Stellar (XLM).
The tokens will be sold in 4 tiers costing $0.12, $0.14, $0.16, and $0.20 respectively.
Bonuses ranging from 5%-10% also available based on the amount of purchases and Tier.
THE VERDICT
Glitzkoin has an ideal plan of combining one of the most traditional industry with the latest technology to improve the industry status and to combat the existing functional inefficiencies.
With the much-needed upgrade, this can be a revolutionary idea for the diamond industry.
Website: https://www.glitzkoin.com/
Telegram: https://t.me/joinchat/H2lmsxLwenY3S8Fp_CFQBA
Blog by yalsik.s
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