The diamond industry is one of the biggest industries globally with an estimated rough diamonds worth 13 billion USD produced every single year. Approximately 65% of these rough diamonds are from Africa while the remaining 35% are from the rest of the world. About 30% of the rough diamonds are used for Jewelry production while the rest 70% are used industrially for cutting, drilling, polishing and grinding.
The above mentioned uses of diamond have made it a natural resource that is highly sorted after and an asset that is traded both domestically and across boarder. Trading diamond domestically does not have a lot of issues in the sense that the same currency will be used by both the buyer and the seller (no need for currency conversion) for the transaction and the bank charges are also favorable to both the buyer and the seller. For cross border transaction, the buyer will have to pass through the stress of converting his cash to the currency of the country where he is buying the diamond from (this comes with a cost) and also he will have to pay some extra cool cash as bank fee. This is exactly why the price of diamond will always be high because the buyer when trying to re sell the diamond to other diamond users within his country will add up all the charges he incurred in the cause of the cross border transaction to the original price of diamond and as a business man, his profit will be added also.
The above challenges has made many diamond enthusiast who would have loved to be part of this big industry to channel their investment to other industries and this is not good for the growth and future of the diamond industry. The diamond industry needs a platform where diamond can be sold and bought without the stress and charges associated with currency conversions and unnecessary high bank fee; a platform where cross boarder transaction will be possible without currency conversion and other bank charges; a platform that will increase the market reach of the diamond industry. This is what the GLITZKOIN project is designed to do.
The GLITZKOIN platform was designed by a team of experts from the diamond, cryptocurrency and blockchain industry with the aim of creating a blockchain enabled marketplace for the buying and selling of diamond with a decentralized exchange for the trading of diamonds as well and it is the first of its kind. The platform is designed in such a way as to help enable cross border transactions in the diamond industry via eliminating charges associated with currency conversions and other bank related charges. The project’s utility token is known as GLITZCOIN token which will be used as a means of transaction on the platform; this will help in making transactions faster and trustless. Also, the GLITZKOIN platform takes care of all inefficiencies associated with fiat currency transactions in the diamond industry.
With the GLITZKOIN platform, buying, selling and trading of diamonds across border will be very easy, faster and cheaper. Also, it will help in increasing the market reach of the diamond industry. The GLITZKOIN utility token which will be the official means of payment on the platform can presently be acquired via the ICO which is presently ongoing.
You can be part of this project by investing in the ICO. I can confidently tell you that this is a project to be part of but I will also advise you to do your due diligence by making your own personal research about the project so as to enable you make a wise investment decision.
For more information about the GLITZKOIN project please visit the essential links below.
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