GLITZKOIN has been initiated to bring transparency and simplicity to the diamond industry. It integrates the conventional diamond industry with the latest decentralized internet value system. Evaluations and assessments will no longer be done by guesses and hunches.GLITZKOIN is a highly advanced blockchain based diamond trading platform with a cryptocurrency to facilitate smooth financial settlements, with a strong focus on transparency and security. The GLITZKOIN diamond platform is the first major overhaul of the diamond industry in decades. The platform provides for immediate access for new and existing diamond buyers to connect with existing sellers anywhere in the world. seeks to transform the diamond industry by diminishing barriers, increasing coordination, and instilling trust in cross-border transactions for the diamond industry.
How Does Glitzkoin Works?
GLITZKOIN is a global startup that uses the best of emerging technology including blockchain, smart contracts
, and machine learning to assist in the reduction of risk and fraud for banks, insurers and open marketplaces in
the diamond and precious stone industry. The company provides a full ecosystem for the diamond industry from a supply chain solution to tracking & certification of diamonds and finally a decentralized exchange for the trade of diamonds and related services.
Features Of Glitzkoin
A global trade platform using blockchain technology aimed at improving the cost of transportation, lack of visibility and inefficiencies with paper-based processes Connecting all stakeholders from Mining companies to Retail customers.
Global Diamond Track and Trace
- Blockchain-based tracking for certified diamonds
- A record of attributes, origin, and history of each diamond
- Theft prevention by authenticating and tracking the diamond
- Track stones all through their value-added journey
- Facilitate trustless transactions between diamond traders
- Allowing anyone to buy and sell diamonds
- Facilitate ancillary services like shipping and insurance for diamonds fulfilled by third-party providers
- Drastically cut the time required for trade transaction settlements
Diamonds are one of the world’s, and specifically Africa’s, major natural resources. An estimated US$15 billion
the worth of rough diamonds are produced per year, of which approximately US$8.5 billion are from Africa
(approximately 65%). The diamond industry employs approximately ten million people around the world, both
directly and indirectly, across a wide spectrum of roles from mining to retail. Global diamond jewelry sales
continue to grow, increasing three-fold in the past 25 years, and are currently worth in excess of US$79 billion
GLITZKOIN eliminates the inefficiencies that are inherent to paper-based transaction processing. A set of advanced functions are implemented to provide a very intricate and detailed, diamond tracing and tracking capability. The objective is to decentralize the marketplace for diamonds, this will vastly open up access for buyers and sellers of diamonds. The diamond trade does require additional ancillary services like shipping, finance, and insurance. These services will be provided by separate service providers. The GLITZKOIN Project will only integrate them into the platform and not be charging any commission or brokerage for such third party services.
There is no doubt that the implementation of GLITZKOIN, will increase the market reach of the diamond
industry. The increased visibility of products and the acceptance of a crypto currency, will make it possible
for diamond dealers at all levels to increase their market share. At the same time, the transparency of the
whole process and the authentication of the diamonds, will instill confidence in both professional and first
time diamond buyers. The absence of middlemen and a lowering of transportation and other related costs,
will allow for highly competitive pricing.
- GLITZKOIN implements a global exchange that focuses on bridging the gap between the traditional
diamond industry and the innovative financial markets spearheaded by cryptocurrencies. With extensive
industry knowledge, we aim to engineer a ground-breaking change – enabling people to liquidate and
invest in diamonds like any other financial asset, all within a transparent and secure environment. The
GLITZKOIN Diamond Exchange enables anyone to invest in individual diamonds, shares of a high-value
stone or shares in a basket of diamonds like an ETF.
- Traders can have full confidence in buying and selling, even without prior knowledge of diamond trading.
Thanks to the decentralized nature of the exchange, our machine learning algorithm, and blockchain
technology that rates a diamond’s asking price, the value of any diamond listed on the Exchange is
completely transparent; liquid because it creates a two-sided market by enhancing both the supply and
demand and standardized because GLITZKOIN creates a unique benchmark value, rate and smart
a contract for every stone.
- It enables trustless transactions between diamond traders or any two parties. Anyone can buy and sell
diamonds, there are no restrictions and GLITZKOIN will connect end users, retailers, to market markers,
mining companies, and polishers. Trade and Transaction settlement times will be drastically reduced due to the effective implementation of GLITZKOIN on the Stellar blockchain.
|OLGA ROSINA – Diamond Specialist
SHASHANK AGARWAL – Head of Technology
SOFIA FISCHER – Head of Marketing
LILA HUSSAIN – Head of Business Development
DATO’ ALIA HM JALLY -PR and Media Relations
DINESSHWARAN YOOGAN – Marketing Manager
[su_quote]This article is writing on 10 May 2018 based on information available online & news portal. If you feel it’s outdated or incorrect, please write here to update it. Mail us: [email protected] Or Whatsapp Us- 918077121282[su_quote]
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