A diamond is forever! The diamond industry is one of the biggest industries of the world with an enormous value of money involved with it. If we consider the global figures, the approximate value of the diamond industry stands at a whopping $160+ billion. It is an exorbitantly high amount by any standards. The diamond industry has seen several phases of transformation which completely redefined the cutting, polishing, grading and testing standards. The earliest diamonds were roughly cut and inaccurately graded. Today, using modern technology and state of the art grading tools, diamond quality is at its zenith. In this article, we will discuss some of the most important innovations which have transformed the complexion of the diamond industry.
Mining Innovations – The entire process of mining diamonds has improved significantly over the last 50 years. The use of machinery like autonomous haul trucks, X-Ray Transmission machines, sorting machines, high-end drills, earthmovers, and other high-end machinery has transformed the quality and efficiency of mining. Today, diamonds are being minded at a much faster rate leading to better productivity and efficiency in the diamond supply chain
Proof of Work – The introduction of the decentralized ledger system in the diamond ecosystem with the proof work consensus mechanism ensures that transactions can only be conducted between consenting parties. It removed the risks of fraud and other financial malpractices. The proof of work is a basic agreement where both parties are agreeing to a set of pre-fetched conditions of validation. Once those conditions are satisfied, the proof of work consensus works to validate a given transaction.
Online purchase –Today it is very easy to buy and sell diamond jewelry online. Thus, the entire concept of online sale and purchase of diamond jewelry has added value to the entire supply chain.
High-Frequency Seismic Reflection Technology – The technology used for exploring the possibility of diamonds below the Earth’s crust. This is the first step of checking which needs to be conducted before one can mine a particular region for diamonds. This technology has added value to the entire diamond exploration demand chain with greater accuracy and effectiveness.
Blockchain – Last, but not the least, blockchain has brought about a significant transformation to the entire diamond supply chain. Using modern blockchain technology the entire diamond supply chain has been transformed significantly. It has added more value by being more secure, traceable and authentic. Blockchain is a platform that will completely stop the trading of conflict diamonds and track artificially grown lab diamonds within the trading periphery. Plus the dedicated cryptocurrencies like Diam helps in the trading of diamonds using a crypto asset.
The diamond industry has seen a major transformation with the incorporation of several game-changing technologies like high-end engineering, proof of work, HFSRT and digital business.