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Home / ICO / GLITZKOIN; ESTABLISHING A DIRECT CONTACT BETWEEN BUYERS AND SELLERS IN THE DIAMOND INDUSTRY

GLITZKOIN; ESTABLISHING A DIRECT CONTACT BETWEEN BUYERS AND SELLERS IN THE DIAMOND INDUSTRY

There is this popular believe that middlemen are indispensable when it comes to distribution of consumer or economic goods and services. Most producers and sellers do not have access to the end users of their products and as such needs someone who is closer to the consumers to help get his goods to them. The middleman does this job perfectly well but with some negative effects on both the buyers and the sellers.

Some of these negative effects of the activities of middlemen on buyers and sellers include;

  • Price Escalation: The middleman (wholesaler) buys the consumer or economic goods from the producer or the seller at a cheap price and sales it to another middleman (retailer) at a higher price. The retailer sales the product to the end user at a higher price in order to make profit. You will agree with me that before the goods will get to the end user, the price would have gone up to about 50% of the original price if not more which is not fair on the buyer.
  • Product Hoarding: Since only the middlemen have access to the producer or seller, they tend to create artificial scarcity of the products by hoarding them in order to inflate the price of the product and rip off end users of their hard earned money. We see this act everyday especially in the Diamond industry.
  • Feedbacks from customers concerning the products do not get to the producers in most cases; it ends with the middlemen. This act does not encourage product improvement that will meet the requirement of the end users.

The diamond industry which is a 90 billion dollar industry has had its own share of the negative effects of the activities of the middlemen. There is no direct contact between the sellers of diamond and the buyers; all transactions have to go through the middlemen and brokers which is the major reason why the price of Diamond is extremely high. Before diamond will move from the sellers through the middlemen and brokers to the end users the price would have gone up by 50% which is not good for the industry. If only there could be a platform where both the end users and the diamond sellers can meet and carry out transactions directly, the challenge of price escalation, diamond hoarding which causes price inflation in the industry and customer feedback restriction by the middlemen will be perfectly taken care of and this is what GLITZKOIN platform is designed to achieve.

GLITZKOIN was established by a group of professionals from both the diamond and the IT industry with the aim of eliminating brokers and middlemen from the diamond industry thereby establishing a direct contact between the buyers and the sellers. This platform is designed as a decentralized marketplace for diamond trading which will enable users to buy and sell diamond without having to go through a middleman. Buyers can give product feedback directly to the seller which will help the seller to improve on his services. With this platform it will be impossible to hoard diamond; this will help to eliminate artificial inflation caused by middlemen in the diamond industry. The platform will also help the buyers to buy diamond at the original and cheaper price from sellers instead of buying it at a higher price from middlemen.

I will like to say that this project is one of the best things that will happen to diamond traders (both the sellers and the buyers) and the diamond industry at large. It is worth investing in and I will advise you to make your own personal research about the project too so you could make a sound investment decision. The project ICO is presently ongoing and you can be part of it before it ends.

For more information about the GLITZKOIN project please visit the essential links below.

Essential Links:

WHITEPAPER | WEBSITE | TELEGRAM | FACEBOOK | TWITTER | REDDIT | MEDIUM | ANNOUNCEMENT

My Bitcointalk URL: https://bitcointalk.org/index.php?action=profile;u=1910177

 

 

 

 

 

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2 comments

  1. Thanks Sora, I have been looking for a blockchain project that has to do with the diamond industry. Thank you for this information.

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