Glitzkoin to Reshape the $90B Diamond Industry with Blockchain Technology
| Updated by Maria Konash · 4 min read
Amid diamond traders have seen markets approaching stagnation, blockchain-based project Glitzkoin enters the scene at the ‘now or never’ moment.
With a comprehensive plan to improve efficiency and market scope in the diamond industry, GLITZKOIN has something to interest both, the diamond industry and the crypto community.
Despite the imposing 90 billion dollar trade that the glittering stone generates, the truth is that the industry itself has been operating with low efficiency for decades. The negative impact of this scenario holds back the industry from achieving its complete potential.
GLITZKOIN, the first diamond blockchain to be headed by a diamond veteran, has clearly identified areas in the industry that need improvement. The appointment of Navneet Goenka second generation diamond professional as CEO has made it easier for the team to access the industry. This is no small achievement when you talk about a multibillion dollar business sector, that is extremely conservative and prefers to be ‘left alone’.
By deploying a blockchain based diamond trading platform, GLITZKOIN will make it possible for diamond sellers of all sizes to list their certified diamonds from anywhere in the world. The emphasis is on ‘certified’ as listings will be strictly limited to natural diamonds, that have been certified by one of the globally recognized diamond testing laboratories. This single move itself, will wipe out the fraudulent practice of fake stones being wrongly sold as authentic diamonds.
On the demand side buyers, both beginners and professionals, can confidently access the GLITZKOIN diamond blockchain and make a purchase. The geographical distance between the buyer and seller will be irrelevant. With accurate and complete information disclosed for each certified diamond, buyers will not need to guess or go by personal hunches when picking a diamond.
The crypto currency implemented in the project is of specific interest to crypto space enthusiasts. While they are unlikely to be disappointed, the crypto plays an even more important role in the project. The banking system has been heavily relied on for diamond trading transactions. With no option but to route through the banks, diamond sellers are forced to put up with cumbersome and time consuming procedures. Bank fees and currency conversion charges, add significant overheads to the business. By using the GLITZKOIN token to pay for diamond purchases and incidental expenses, traders can free themselves from the shackles of the banking system.
This report would be incomplete without addressing the interest of crypto world participants. To put it very simply, this group of stakeholders would expect token price appreciation. Their dealings would generally be conducted, over various crypto exchanges where the GLITZKOIN token would be listed. The appreciation of token price would be directly proportional to the demand for the same. The next paragraph details some very important metrics related to token demand.
CEO Navneet Goenka comes from a family, that has been one of the big players in diamond trade for over 50 years. The CEO has some very conservative numbers to begin with. The mission is to gain just 5% of the 90 billion dollar diamond trade for the GLITZKOIN platform. And since the crypto currency, will be the only mode of payment that is operational on this diamond blockchain, the demand for the GLITZKOIN token would be around 4.5 to 5 billion dollars.
Remember that a significant token holding will be with the diamond community and they, would not be ready to sell just to make some dollars on the token sale. The combination of high demand and restricted supply, will bode well for the price of the token.
The project has been reviewed by leading ICO analysts and received impressive ratings. As the industry eagerly awaits the GLITZKOIN blockchain trading platform, the CEO and his team are focused on delivering a high caliber solution.
Being a successful graduate of Belarusian State Economic University (BSEU), Maria has acquired competencies in economic and social studies. Given Maria’s previous research working experience, and desire to explore what's really shaping the future, the main research focus is placed on FinTech and Blockchain Technology.