World’s First Diamond Exchange - CEDEX

in #blockchain4 years ago

In countries like India, women are more interested to wear jewelry made of precious metals like Gold, Diamond, and Silver. This kind of jewelry not only makes them look more attractive but also provides a great financial support in case of emergency. Because, you can easily sell or mortgage the jewels and get cash from banks, pawn brokers etc. Also, many banks offer loans against jewelry with reasonable interest rates. Gold prices are very stable and do not fluctuate very much when compared to other commodities. In a nutshell, Gold can be considered as an asset and it is possible to achieve uniform pricing for that precious metal all over the world.

So, Gold is a popular option for trading/investment. What about Diamonds? Can they be considered as an asset? No. Even though diamonds are precious and valuable, most of the people are not considering that metal for investment purposes because of the following reasons are given below:

  • No standardization: Each diamond is unique and not fungible like Gold or Silver. There is four main characteristics of any diamond namely color, carat, cut and clarity (4Cs). As every diamond will have its own set of characteristics, it is not possible to compare one diamond with another.
  • No fixed pricing: For Gold, the price is usually fixed for 1 gm and it varies every day depending on the market trends. There is no such uniform price for 1-carat diamond. Usually, the prices of diamond are fixed by the wholesale distributor depending on the 4Cs. If you have two single diamonds, then their price will vary even if the carat size is same.
  • No Liquidity: Resale of diamonds are very difficult as there is no exchange or similar option available. You can sell the diamond only to the original buyer to get a reasonable price.
  • Manmade metal: Even though diamond is mined in a similar way like Gold, it is possible to create an artificial diamond in such a way you can’t identify which one is natural. So, the supply is always more than the demand. But, it is impossible to create Gold in an artificial manner and the demand is always more than the supply.

Because of the above-said reasons, diamond is not considered as an asset. Cedex.com is the first global exchange based on the blockchain technology that aims to convert diamond to an asset. Cedex exchange aims to create a secure and transparent platform which will help anyone to invest in diamond easily like any other financial asset. All the diamonds that are traded using this platform has to certified by Gemological Institute of America (GIA). To learn more about the technology behind this platform, please visit the whitepaper https://cedex.com/img/Whitepaper.pdf

To access the features of the CEDEX diamond exchange, the user needs to hold the special type of token based on Ethereum ERC 20 standard called CEDEX coin. These coins will be sold during the token sale of the company and can be bought using Ether, Bitcoin, Bitcoin cash or any other fiat currency. For getting more information about the pricing, availability, sale terms of CEDEX coins, please visit https://cedex.com or join the Bitcointalk Thread.

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The concept looks viable. Good luck for the project!
Do you offer a trading only platform, or there is also the possibility of physically trade diamonds for tokens?

About the platform, yes. The project is very promising.

Am sure this will a huge hit especially with Bitcoin whales; they will change the crypto-sphere by converting BTC to gold. Thanks for the great news.

Is it only for diamonds? The idea and this tool can be extensible but I appreciate the value of specialization as well.

CEDEX is diamond related. But they can expand...

I think this is a cool concept, but the underlying reason why gold (which is very tradable and always escalating in value) is considered an asset is because money used to be tradable on it. Banks would have to hold gold, and with every note you could trade it for physical gold at a bank. Even though that isn't the case in modern day, it started off having a value that makes it a tradable asset.

Hey @danizaharie The concept looks visable Good luck for the project I appreciate your post 👌👍

Diamonds on the block chain, nice. It would be great if buying/selling diamonds were easier, none of the pawn shops in my city will buy them for the reasons you mention in your post

Great concept. I really like it. I have registered for the pre-sale. Any ideas as to what exchanges you expect the token will be traded on ?

I think they will be announced later.

Interesante informatii Dani :P

Looks promising. Definitely interested.

Nice post, gold is costly in other countries than Indian.

Wow that’s pretty cool. Wonder how it could affect prices

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I am from India and what you have said is true. Jewelry made of gold, diamond are considered as great assets. But very very very few people buy diamonds separately. The value for the jewelry = value of the materials + value of the design. You cannot access the value of the design using any standard metrics. It's variable. Does this project address this problem? Of course there is no price standardisation but one cannot just chip off the diamonds and melt the gold. You would lose a good value!!!

CEDEX algorithm does not access value of jewelry but only the diamond.

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Interesting, but how does the exchange fix the problem of the manmade metal with an increasing supply?

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Will they also be geographically tested to ensure they aren’t blood diamonds. So as to keep market bullies from creating a false narative right?

Of course. First we will accept only gia certified diamonds to make sure that not only we bring to the platform the best lab tested diamonds but the origin is tested and strict rules are applied. All cedex diamonds have GIA certificate. Here you can find their answer for your question regarding how to be sure that the diamonds at our exchange are conflict-free
https://www.gia.edu/gia-faq-diamond-conflict-free

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Oo, this is really interesting. I was recently just telling myself, that it's really hard to invent something or came up with some idea nowadays as there is simply so many things out there, but it seems, that once again I wasn't right.
There is still plenty of good ideas out there to be used and as long as human live, there will be still more :) Cool project. Looking forward to it!

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This is a really compelling idea. I think that as the years go on, however, fake diamonds, cubic zirconia, will look nearly identical in every way to real diamonds, providing headaches to GIA in distinguishing the two. Gold and other precious metals haven't had to deal with this problem to any serious degree, yet.

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Thank you @danizaharie

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Concept looks viable. ............Good luck for the project! thanks a lot...........

Really cool concept! Was not aware of this. Thanks for sharing!!

Excellent idea. Could this be used to tackle the artificial demand-supply gap created by diamond mining corporations?

Gold and other precious metals .. And of course money as we know it is a scam ... it’s the great deception ..... there is no inherent value in anything we extract from this earth .... the greatest commodity in the world .... is this planet and
... which mankind is fucking at every opportunity

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