Diamond Industry in India Leverages Blockchain Technology

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Diamond Industry to Use Blockchain Technology

Over the past few years, one single question has been raising and asked the citizens are “why do people always prefer diamonds?” The diamond retailers have interrogated this, advertisers as well as by the general public. But, this question doesn’t have a single unequivocal answer, not it is definitive as well.

Rather the answer keeps on changing from person to person, from place to place, and from generation to generation. On a very less romantic notion, often, diamonds are looked as the status symbol. In addition to this, diamonds are called the “star fragments” or “tears of the gods,” which show their mythological quality. The hip-hop industries later adopt these and regarded as the way of starting and establishing their “arrival” for the big leagues.

And for the wealthy reasons, diamonds are considered as the alternative to the fluctuating market. For the commodity investment, diamonds are therefore treated as the portable sources of the money, which can be taken and move across the borders, where there will be no need of disclosure in the financial society and transparent banking sectors.

Apart from this, another reason would be people want a diamond for most simple things such as it looks sparkly and clear, and mostly filled with light that enhances your beauty, and matches up with your brilliance level as compared to the other gems available in the country. Diamonds are most preferable choices of the women across the world, and with the prevalence of the media in the present generation, advertisements have reached great heights, and due to this, the role and significance of diamond have blossomed.

After all, who all don’t want to invest in something like this, isn’t it? The features and characteristics of the diamond are so valuable in the commercial market that it has strengthened the base such as quality and strength.  People who are investing in this industry have undertaken some remarkable stress, and this leads to impact the decisions of the purchasers.

For example, they are facing the difficulties in choosing the right type of material for a better connection, and often, the appearance plays the major role in facing certain challenges. However, the trend has been changed, and producers are more interested in developing the relationship with the customers and want to go ahead of this present situation.

They are now choosing the Blockchain technology as their friend, which is considered as the best way to enhance the traceability of the various stones, increases its quality and with the help of the technology, the exports process are becoming smoother. Furthermore, two diamonds companies have already adopted this new trend and have made a new blockbuster with the technology.

Those companies are Indian and named as Hari Krishna Exports and Dharmanandan Diamonds, which are now leveraging the Blockchain technology for better marketing perspectives. Isn’t interesting? Well, the Blockchain technology has proved its best in the field of bitcoin and many other sectors.

It also improves the resources and increases the management tools for risk analysis, strengthens the transaction process and protects from unnecessary attempts, and also helps in tracking the value of the assets. There are certain instances associated with the present scenario regarding the diamonds and Blockchain technology, which will be discussed here along with the other necessary details.

Details about the Indian companies that leverage the Blockchain technology

As per the details are concerned, Dharmanandan diamonds, who is regarded as one of the top companies in the world, has now partnered with one of the international company Everledger to put the information of the diamonds on the Blockchain platforms. This approach is highly creative and innovative as none of the diamond producers has ever thought of it.

The collaborations are linked with two major decisions or aims, where the Everledger has allowed the company to use the Blockchain technology and to put the company on the respective map, as well as on the Dharmanandan’s time lapse. Soon a report will be published that will show the entire process, which will give you the detailed information when a diamond has been procured and when it reaches a customer.

In the last week session, the Everledger CEO and founder Leanne Kemp has conveyed his sincere thanks and was pleased to inform that they are driving the new technology towards the major part of the society, which will highly ensure the transaction transparency and data accessibility for all the stakeholders working for the particular industry globally. The best part of this idea was the harmonization of the data protocol, which is imperative and ensures maximum security for a systematic approach to provenance reporting as well as the tracking.

The producers are well acquainted with the desires and responsibilities of this industry and have provided authentic provenance, which is stemmed from the strong interest of the customers in the journey of their diamonds business. Furthermore, the time-lapse protocol of the diamond is supposed to access in two major platforms, out of which, the first one will be for the retailers, and, the second one will be for the customers as well.

On the other side of the manufacturers, it will track the information of the raw goods and materials as and when they will move towards the supply chain, and simultaneously, the customer’s version will also be available on the mobile application such as Android and IOS platforms.

As per the view of the marketing and sales director Mr. Vipul Sutariya, the initiators who are involved in this process of Blockchain technology of diamonds, especially in the time-lapse traceability programs, are experiencing fascinating changes and they believe that it will break all the existing rules and stereotypes of the diamond industry.

Apart from this, the organization also believes that streamlining process of the diamond, which has been started from mine to consumers of the Blockchain industry, will give a new direction to the process and will add reliable solutions to bring out transparency as well as positive changes in the business sections. This platform will surely introduce new ways for benefits, and the DTL platforms will add values to the life of people, and this trend will be dedicated for further generations also.

On the other part, there is another industry called as the Hari Krishna, who has successfully incorporated in the Blockchain technology for better development and its mobiles application users and the launching version is 2.0. The CEO of the company Mr. Brijesh Dholakia has explained that Blockchain technology is one the secured process and uses the application of cryptography that means there will be no one who can tamper with the information if once it has been recorded.

And moreover, the data are stored in multiple networks as well as in various locations, so it reduces maximum chances of the risk, which are holding the data centrally. Therefore, it assures huge authenticity and cares for your information. This organization was regarded as the most successful industry as it has adopted the Blockchain technology for the first time in the world in the field of diamond, which can easily track the stone’s movement from the rough diamonds that are later mined in the best parts of the world, and finally reach the end customers.

The app that uses the Blockchain technology is highly innovative for the customers as it offers security, simplicity, and speed, which are considered as the tricks and main criteria of the diamonds. The CEO of the company has confessed that they understand the need of the customers and trying to work on their needs by providing maximum security to the trade. The Blockchain technology, therefore, helps in ensuring g the traceability and provides relevant paths for the documentation of the diamond journey to the customers.

This reduces the duplication and thus gives solid reasons to the buyers to trust the company and diamond in every phase of life. The HK group makes several ways and put their full effort to ensure that customer’s trust is protected. In the day-to-day life, the customer’s trust is shaken up with several issues, and later those forces them to cut all the connection from the highly demanded industry such as diamond, but, HK organization tries to reinforce the trust and wants to hold them forever.

Therefore, they have developed the app, which allows the users to browse through various collections, more than twenty-five thousand that are certified and trustable. The process is simple, you just need to open the app and select the diamond as per your choice and buy them, and even you can do the research and can verify the facts.

About the De Beers organization

As per the information, the largest diamond mining organization of the world named as De Beers, who has piloted into the recent advancement in the technology known as the Blockchain, which is considered as an initiative for the journey of diamond value chain and it also provides the reliable records of the data that are single, digitally recorded and tamper-proof for every diamond that are registered in the respective platform.

The main aim of adopting this technology by the De Beers is to bring out the real confidence in the diamond, and it ensures that all the registered diamonds must be conflict-free as well as natural, and apart from this, the process also offers you to ensure the efficiency across several sectors.

The CEO, Bruce Cleaver, has confirmed that they will hold the enduring power and representation of the diamond for some beautiful moments, and will minimize all the complaints. Furthermore, a pilot project is undertaken and has been involved with the small participants. After the victory, the entire version of the program will be introduced at the end of the year 2018.

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