The 90 billion dollar industry has still not reached its full potential, no one knows this better than second generation diamond veteran Navneet Goenka. The supply chain of this multibillion dollar industry is fraught with inefficiencies some of which, are directly responsible for inflating the price of diamonds.
DiaEx is the first diamond exchange to be promoted by an insider from the industry. Coming from a family that has played a key role in the diamond industry for over 5 decades, Navneet Goenka carefully studied every single operation that was conducted in the industry.
Inefficiencies and deficiencies within the industry, place an obstacle to growth. While economic conditions do influence the demand for diamonds, other factors are equally important. Buyers especially those, with less than professional knowledge about the glittering stone, are wary of being cheated. Fake stones being sold as real diamonds and the misrepresentation of diamond grades, are some of the things that worry buyers.
The DiaEx platform is geared to bring diamond sellers and buyers together, no middlemen and no cloaked prices. Physical location and geographical distance between buyers and sellers becomes irrelevant. The diamond exchange will make the concept of brokers and middlemen redundant. This is something that will ensure fair prices to buyers, the buyer would end up paying exactly what the seller quoted for the stone.
We mentioned about fake stones being wrongly presented as natural diamonds. While this might sound ridiculous, it could be extremely difficult for an untrained eye to spot the difference. Diamonds are graded and prices are quoted as per grades, it is not uncommon for sellers to overstate the grade for their stones. DiaEx will put an end to these two problems by, restricting listings to certified diamonds.
Navneet Goenka is very sure that the GTN (crypto token) used to settle payments on the DiaEx exchange, would be widely accepted by the diamond community. Diamond traders have for long been fed up with banking systems that, cause delays and often charge significant fees for money transfer and currency conversions. The GTN crypto currency would, allow payments to be settled quickly and at a very modest cost. Multiple currencies that are typical of this trade, would no longer be relevant.
With all this focus on the diamond industry, is it the end of the road for the crypto community in this project. The answer is in the negative, crypto enthusiasts trade on crypto exchanges hoping to make a profit on price variations. The GTN token will be listed on popular exchanges, the demand and supply mechanism will decide the token price. Crypto traders would welcome the additional demand for the token, generated by traders on the DiaEx platform. It is no secret that strong demand, would generally have a positive impact on the token price.
The above report shows that the diamond industry would benefit from the DiaEx exchange in more than one way. There has never been a better time to rid the industry of issues that, are holding it back. In Navneet Goenka’s words ‘… the industry will need to do an inside cleanup job, that in itself would have a favorable impact on market sentiment.
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