DiaEx Diamond Blockchain Leaves Out Synthetics

Let's admit it, synthetic diamonds are making huge news in recent months. With diamonds losing a significant portion of their demand and jewelry lovers, looking for cheaper alternatives, synthetic diamonds have been given tremendous marketing exposure. Two glaring examples, GIA now willing to certify synthetic diamonds and DeBeers promoting the factory made substitute. Amidst this 'please feel good' about synthetics campaigning, DiaEx the world's first diamond blockchain to be promoted by a diamond veteran and fully support diamond trade, voices a different opinion. DiaEx launched as part of the Glitzkoin project is the brain child of second generation diamond veteran, Navneet Goenka. In his words, '... the Glitzkoin project was initiated to improve efficiency and improve market sentiment for diamonds - factory made synthetics just don't fit into our mission ...'. Sellers located anywhere on the planet and of any size, can list their diamonds on the DiaEx diamond exchange, however listings are restricted to natural certified diamonds. Olga Rosina the Russian diamond expert in the Glitzkoin team comments, '... certified diamonds have for decades, been the epitome of value and authenticity, traders bought and sold certified diamonds based solely on the certificate provided, it came from a reputed testing laboratory .... and now, we have GIA succumbing to the synthetic diamond bandwagon. The world's best known gem and diamond testing lab, now offers certification for synthetic diamonds ...'.

Why Does DiaEx Exclude Synthetic Diamonds:

  • Synthetic diamonds are factory made substitutes, no matter what the fancy stories tell you. 
  • These factory made stones, have lost tremendous value in recent years. 
  • The prices for synthetic diamonds is 80% below natural diamonds.  
  • The 'value' element of synthetic diamonds are falsely created by strong marketing campaigns. 
  • As technology and manufacturing processes are better understood, prices will show a deep decline. 
  • It might be tough to make a quality synthetic stone but, this will soon become very much easier. 
  • Natural diamonds symbolize, rarity, exclusivity and perpetual existence, synthetic diamonds have none of that. 
  • Buyers looking for the romance and status symbol of natural diamonds will shun synthetics. 

The DiaEx diamond exchange is configured to support diamond trade at all levels be it, B2B or B2C. Glitzkoin CEO Navneet Goenka comes from a family that, has been actively involved in the glittering industry for over 50 years. He is aware of the weaknesses present in industry operations and the supply chain for diamonds. In his words, '... the diamond industry is conservative, you cannot walk in and ask them to change. What you need is an entire new framework, built upon the latest technology, the industry needs to be educated about how, this technology will improve the market situation. The $90 billion trade might sound gigantic but, no one can counter the claim that, signs of stagnation have been building up for a while'.

We should mention that the DiaEx platform is not the only change that Glitzkoin brings to the industry. The industry has for long been wishing to have a payment option, that is more convenient and not as expensive as the conventional banking system. Glitzkoin has launched the GTN crypto token as part of the project, the crypto would be used to settle payment on the DiaEx diamond exchange. Having said that, the crypto community continues to trade the token on Stellar based crypto exchanges. So what you have is a two pronged demand stream for the Glitkoin GTN token - one from the crypto world and the other from the diamond trading platform. 

Related Resources: Glitzkoin CEO, No Room For Synthetics