Diamond Industry

What does blockchain mean for the Diamond Industry?

Blockchain technology has a mystical significance in the diamond industry. Any product's origin might be determined with this sophisticated instrument. You can follow the journey from its source to its goal. The market value of a diamond is based on its historical provenance. The history of diamonds can be tracked through Tracr and numerous other organizations. It is also in charge of explaining how the diamond got to its current place and where it came from. Blockchain technology has the ability to ascertain how the diamond sector is perceived by its consumers. Therefore, the exquisite worth of each diamond on the market is determined by its supply chain.

This blockchain technology was created by SliceLedger.They aim to illustrate the diamond's crystal-clear value. Every diamond is given a unique Global Diamond ID using blockchain technology. The qualities of this digital ID include things like clarity, carat, and colour. This type of data as well as many other pieces of information are collected and analyzed by stakeholders in blockchain technology with its assistance. This is a crucial and advantageous need for the diamond sector.

There are several benefits of implementing blockchain technology in the diamond business. It provides transparency to the supply chain. Through which customers can authenticate the actual value of a diamond. This will help in distinguishing them between real or fake ones. The professionals of the diamond industry can also use this technology, As for the analysis of their supply chain techniques and procedures.

What is Blockchain Technology?

Blockchain technology is a system of unique databases. This digital ledger can store data as an encrypted block of information—these blocks stores data in a chained structure. The data stored in blockchain technology does not provide anyone to access edit. Also hack or performing other types of exploitation is also not allowed. Each block in a blockchain stores information in chronological order. Blockchain technology is a decentralized type of database. In this, the entered data is uneditable for other users to avoid exploitations. The entered information is strictly stored and viewable to the users.

A particularly safe method is blockchain technology. Every authentication procedure makes use of the digital signature. In blockchain technology, each and every transaction necessitates authentication using the owner's digital signature. The blockchain technology system integrates a number of other technologies. To offer the users an automated and organized solution, they all cooperate. For security, it has both public and private cryptographic keys. networking of data in the database on a peer-to-peer basis. Moreover, a cutting-edge method of storing information. Every transaction is recoded and sent across networks to the database. Blockchain technology can be categorized as a type of distributed ledger technology. Every transaction and an irreversible cryptographic key signature are stored together. Another name for this cryptographic key is a hash.

How do you find the Diamond Origin with Blockchain Technology?

Among all tools, blockchain technology is the most useful. It is useful for figuring out where the diamond came from. It also shows the process from miners to retailers. Examining a diamond's past helps determine its current market worth. A distinct digital ID is present in every mined diamond. Every player in the diamond sector has access to the blockchain, which stores this special digital ID. The complete path of the diamond from the mine is documented via blockchain technology. As a result, diamond origin traceability is extremely effective. Every transaction involving the diamond is kept as a chain of data blocks thanks to blockchain technology, which also ensures complete transparency in the procedure. The origin of the diamond can be verified using blockchain technology. This may increase the value of the diamond to a greater extent.

1. Reshaping the Diamonds History

The Diamonds platform enables the Diamonds trading industry to become as transparent as the Diamonds themselves. Diamonds uses blockchain technology and physical passports to prove the provenance of every Diamonds. Here is the admin Dashboard which consist User management, Diamonds Management, Sell Management, Provenance etc.

  • i. List of all the Diamonds added
  • ii. Here the Admin can add the new Diamonds.
2. SliceLedger Blockchain
i. Benefits of SliceLedger Explorer

SliceLedger Explorer platform is an open source blockchain framework hosted by The SliceLedger Protocol. It has an active and growing community of developers. Networks are permissioned, meaning all participating member's identities are known and authenticated..

3. Revolutionizing the Supply Chain
i. Ethical Miners

Our compliance standards ensure Diamonds mines create safe and fair working conditions for their workers and give them an honest share of the proceeds. At the same time, we have developed a sustainable mining method that preserves the environment post-mining, so as to reduce its ecological impact. Accredited mines which have proven to work to our sustainability standard can be awarded the status of an Diamonds Supplier.

ii. Blockchain Technology

As well as following the Kimberly Process, we use blockchain technology to register and track every Diamonds. Each natural stone is given a birth certificate stating where and when it was mined, as well as recording all the details of its quality characteristics. Our decentralized blockchain technology verifies the authenticity of each stone and records every step of its progress throughout the trading and sales process. We also issue a physical passport for each Diamonds which contains an Authentication Key to check its provenance on the Diamonds blockchain. The level of transparency provided by the Diamonds platform helps remove any risk of fraud or corruption within the Diamonds mining supply chain.

iii. Trading with Diamonds

Diamonds is positioned throughout the entirety of the Diamonds trading value chain, eliminating the need for costly intermediaries. The Diamonds platform trades in both rough and polished Diamonds sourced from accredited mines. These Diamonds are offered for sale through the Diamonds App and Website.

iv. Buying Diamonds with Provenance

When purchasing through Diamonds, you know you are purchasing an honestly sourced and genuine Diamonds. Unlike synthetics, our Diamonds are typically between 66 and 245 million years old. You will know when and where it was mined and that any impact on the natural environment has been minimized. Diamonds will also use a percentage of its profits to strengthen community projects for the local mining populations it operates in. These include schools, clinics and student housing. We want to ensure that your experience of purchasing a Diamonds is enhanced through our reassurance of fair, ethical and sustainable mining standards.