A major Achievement by Diamante in 2019 – Transforming a Traditional Industry With Modern Technology

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A major Achievement by Diamante in 2019 – Transforming a Traditional Industry With Modern Technology

Diamante – A Global Diamond Consortium empowered by blockchain technology has set a benchmark in the world of diamond trading. Along with its revolutionary fintech solution, it promises to address some of the most important aspects of the diamond trade. With a blockchain-powered solution, Diamante promises to address several pain areas of the diamond industry. Some of the major achievements of Diamante have been summed up in this writeup for the convenience of the readers. This write-up would also give a brief idea about the aspirations and future programs of Diamante as a leader in the international diamond supply chain.

Launch of DIAM by a global diamond consortium powered by blockchain technology: The launch of DIAM native crypto assets was a significant step in reducing the shady diamond deals conducted by unscrupulous participants within the diamond supply chain. The DIAM minimizes several problems existing within the diamond supply chain. The usage of cryptocurrency within the trading periphery simplified an otherwise complex network marked with time delays and red tapes. The payments made across a crypto chain can bypass conventional constraints like complex paper works and remittance costs imposed by third parties.

Collaboration with HashCash to put up a strong fight against global blood diamond trade: This has been one of the most significant tie-ups of Diamante to put up a strong stand against the trade of blood diamonds by incorporating blockchain-based architecture. HashCash and Diamante’s collaboration came as a major promise for the entire diamond supply chain. Blockchain promised amazing provenance to the diamond trade. It also brings about a significant amount of traceability in diamond supply chains. All participants can see the journey of a diamond from the mine to the final purchase in the form of a ring or a pendant! This is one of the most unique features of the Diamante Global Diamond Consortium.

Extending the global consortium to Antwerp: One of the most remarkable achievements of Diamante came with its collaboration with HashCash. The compliance of Diamante with Kimberley Norms and Global Money Laundering Regulations ensured that Antwerp would have better market accountability and increase the trust of the customers or buyers. This automatically enhanced the exchange value of Antwerp diamonds.

Launch of Blockchain Consortium which promised security to Online Diamond Trade: Diamante eased the cross-border transaction of diamonds by minimizing paper works and reducing or minimizing the involvement of third-party remittances. Diamante Global Diamond Consortium brings about a significant amount of simplicity through a distributed digital ledger which would record crucial information like changes of custody of goods, validation of the transactions without massive volumes of paperwork, and real time-settlements in several foreign currencies. Along with it, the consortium also brought about a unified marketplace that brings together industry participants including miners, polishers, manufacturers, traders, and retailers. A provision such as this streamlined the business of these actors and set the stage for synergizing the operations in a highly competitive vast-spread multi-layered industry.

The Launch of the corporate payment solution: JCK Las Vegas 2019: The biggest jewelry conference in the world – was one of the most anticipated events for business and networking within the diamond ecosystem. It attracted more than 30,000 of the world’s most powerful industry professionals with their know-how and insight into the periphery of diamonds, and Diamante emerged as one of the most gifted exponents of the technology that will revolutionize the way the diamond industry does payments and financing. Diamante team members Dinesh Patel, Erik Jens, Chirag Jetani, Kishan Vaghasia participated in the conference along with Sam Proctor and Andrew Pedvis attending on behalf of Genesis Block, a leading blockchain-focused services platform.

Diamante Corporate Payment: The Corporate Payment solution ushered in a new era in the Diamond Supply Chain Management. The global nature of the trade meant that the money in the diamond trade would pass through several checkpoints. This created a complex trail of paperwork which was hard to keep track of! Many key players in the diamond supply chain have often complained of complex paper works and third party remittance platforms for the delay in payment processing resulting in slumps.  The Distributed Ledger Technology, has all the values that the diamond industry has been seeking to speed up or rather renovate their payment structure. Diamante Consortium has harnessed the values of blockchain technology into creating their B2B corporate payments network that enables cross border payments in a matter of seconds at a fraction of the cost. The Diamante Corporate Payments introduced a promise for the diamond industry in the form of instant payments, reduced transactional fees, and full proof security.

In the coming year, Diamante plans to extend its services and cater to a larger section of the diamond trade!

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