Diamonds And Blockchain Technology Collide To Create DiaEx – Top 4 Questions Answered

Kuala Lumpur, Malaysia – Diamonds have always been responsible for generating excitement, in business, and on the trade floor. As one of the most widely traded and sought-after substances in the world demand for the beautiful rocks remains at an all-time high.

It is only natural therefore that as payment methods change and technology develops that business owners would look to find a way to utilize the strengths of diamonds with the technology of blockchain.

Glitzkoin (https://www.glitzkoin.com) is at the forefront of the diamond blockchain phenomenon, and  CEO of Glitzkoin, Navneet Goenka and Olga Rosina, the Russian diamond professional on the team recently took the time to identify and answer the four most common questions, they get asked on a daily basis.

Why is the crypto community so eager to see the DiaEx exchange implemented?

Navneet said “ An interesting question but quite easy to answer. The DiaEx platform which is designed to facilitate both, B2C and B2B transactions, deploys the Glitzkoin (GTN) token as a mode of payment. Crypto enthusiasts have actively participated in the project right from the ICO stage. They continue to do so, through the development phase. The ICO was successfully completed in June 2018 at a token price of $0.20. The GTN token has since been trading on Stellar based exchanges. Sustained interest from seasoned crypto traders, has enabled the token to maintain an impressive rate of $0.18 to $0.22.  The community realizes that the usage of the GTN token on the DiaEx trading platform will create a surge in the demand for the token. This is what keeps them keenly interested in the launch of the Glitzkoin diamond exchange.

Based on the interest shown by Glitzkoin in Russia, will rough diamonds be listed on the DiaEx platform?

Olga Rosina answered this question saying “Russia has two very active and productive diamond mines. I have been fortunate to be involved in their operations, during my 20-year career with the glittering stone. Readying itself for any business expansion that might come up in Russia, the Glitzkoin team has included well known Russian business strategist and politician, Mr. Mikhail Kozlov on its advisory board. Listing of diamonds on the DiaEx diamond exchange will require a very objective definition of the features of each stone. The often heard of 4C parameters, have global acceptance they have been defined with a high level of accuracy. As things stand today, it is only cut and polished diamonds that are covered by the 4C specifications. Rough diamonds, for the time being, will have to be left out of the DiaEx platform. Having said that, there is no technical limitation in the application that will disallow rough diamonds to be listed and traded on the platform.”

Why has diamond certification for listed diamonds been made compulsory?

Olga’s response was as follows “The DiaEx diamond trading platform, accepts certificates from a group of reputed diamond testing labs that have, global acceptance. Diamond certification provides an objective assessment of the 4Cs for a specific diamond. A diamond certificate also clearly mentions, whether the stone is natural (authentic) or manmade (synthetic or imitation). In the conventional diamond trade, buying and selling of certified diamonds is smoother and generally does not require an inspection of the actual stone. Glitzkoin has a process where, a diamond that has been purchased on the DiaEx platform is physically examined by diamond experts before, being sent over to the buyer. This is something that should significantly boost the confidence of both, seasoned and casual diamond buyers.”

Will the diamond industry accept the GTN crypto token, to settle payments on the DiaEx platform?

Navneet’s response to this question was Navneet: “Coming from a family that has been closely associated with the diamond industry for five decades, I can say a few things with confidence. Diamond traders are in general put off by, cumbersome banking procedures and substantial bank charges and fees. Things get even more complex when international trade is involved, multiple currencies and their conversion bring on an added challenge. The $90 billion industry has had no options until now but, cryptocurrency provides a viable option today. The GTN token will facilitate payments to be made across geographical boundaries; multiple currencies will not be relevant. To put it very simply, the crypto token fills an existing void in diamond trade.”

The testing and implementation of the DiaEx diamond exchange will be completed in the final quarter of 2018. Anyone interested in monitoring the performance of the GTN token can be reviewed on the Stellarport website at https://stellarport.io/home

Media Contact
Company Name: Glitzkoin
Contact Person: Navneet Goenka
Email: Send Email
Phone: +601125114556
Address:76 Jalan Raja Muda Abdul Aziz, Off Jalan Tun Razak
City: Kuala Lumpur
Country: Malaysia
Website: glitzkoin.com