Blockchain technology as the future for the diamond business

Blockchain technology has made its way into the diamond trade quite recently, and perhaps that’s is why the attitude towards it is a bit controversial. But new things are always confusing at first, why should we reject them when they can give us many good opportunities and a chance for a faster development?

With the help of blockchain technolog, a greater transparency of transactions can be ensured. It will create a platform that will provide a “single unalterable record” to track the individual path of the diamond along the value chain, as well as allow maintaining a crypto-protected decentralised electronic logbook that will make it possible to permanently register processes and interactions. It will radically change the situation on the market of diamond business, diamonds and luxury goods providing consumer with information about the entire technological chain and the way of movement of a single stone from the moment of its expression to the moment of transformation into a finished product — a faceted stone or part of jewellery. The owner of the stone can be sure in its authenticity, legal origin and real value.

Blockchain technology will allow interacting actively and adhering to a single business strategy for all participants of the diamond industry: mining companies, dealers, cutters, wholesalers, jewellery companies, optimising business processes as much as possible, which will certainly allow to prevent the recurrence of crisis phenomena in this industry in the future.

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