The diamond industry is associated with terms like tracking and tracing since these gemstones cover a long journey from the mines to the fancy jewelry stores where they are purchased. The diamond industry has been plagued by several problems associated with the origin of diamonds. The efforts such as the Kimberley Process have been largely successful but still have several aspects of the trade which need to be covered. The Kimberley Process is an initiative to eradicate the illegal mining and trading of conflict diamonds – the diamonds which are solely mined to finance an ongoing conflict. The challenges for the diamond industry related persist even today when it comes to factors like trust, transparency and security.
One of the major problems faced by the diamond industry has been with its failure to keep accurate records of transactions. This failure has been instrumental in not being able to stop the trading of conflict diamonds and fake lab-grown diamonds. The diamond trade ecosystem always understands the requirement for a full proof of work system which would validate transactions and the authenticity of diamonds being traded within the diamond ecosystem.
The Diamante Blockchain Consortium is an initiative to make the diamond ecosystem free of conflict diamonds and other fake artificially grown diamonds. This comprehensive platform promises to offer traceability right from the point of mining the diamonds to the point where the customers purchase the diamond from a retail outlet.
Diamante network travels the entire diamond network right from its origin in the remote mines to the point where it is finally sold to the customers. In between the diamond travels many hands and each record of the transaction would be maintained by the hyper-ledger enabled by a blockchain system in Diamante. Thus, no transaction would go undetected and unaccounted for. The participants in the entire diamond supply chain of Diamante would have the liberty to operate in a very transparent and secure network. Each diamond would be completely traceable making all transactions completely traceable in the value chain. The privacy of all transactions would be maintained with the utmost perfection. The end result would be a very trustable network built on tight security.
The Diamante ecosystem would provide:
Payment Solutions: The B2B corporate network which allows the instantaneous transfer of cross border payments at a fraction of the charge levied by other banks.
Diamante Credit: This would allow the members of the consortium to be eligible for a line of credit once it is approved from the end of the consortium.
Diamante Marketplace: This would be a globally unified marketplace where diamond traders, suppliers, retailers and customers can share a common marketplace!
Diamante Connect: This is a platform or a featured facility with a shared database for the members to connect with other members within the consortium. This feature proposes to enhance the interaction between diamond consortium participants resulting in better trade volumes based on mutual trust and faith!
The participants of the Diamante Blockchain-powered consortium would be blessed with the leverage to operate in a system having complete permanent, assured, secured, efficient, trusted and inclusive.