No Synthetics On DiaEx Diamond Exchange, Glitzkoin CEO Reconfirms

With the Glitzkoin diamond trading platform nicknamed DiaEx, now in the development and testing phase, interest in the diamond exchange has been steadily growing. The issue of synthetic diamonds is currently a hotly debated issue. Diamond traders wish to know whether, the DiaEx platform would allow synthetic diamonds to be traded. 

Glitzkoin CEO and second generation diamond veteran Navneet Goenka, has talked about this issue on more than one occasion and on a number of platforms. The bottom line is that, the DiaEx diamond exchange, will not support or encourage trade in synthetic diamonds. 

On how exactly this would be implemented, the CEO said that measures had already been put into place. Diamond sellers who wish to have their stones, listed on the Glitzkoin platform, would be required to get their diamonds certified.  A few testing labs that have earned global acceptance, have been handpicked for the purpose. This obviously means that, the seller cannot choose a lab that is beyond the list. 

It is now quite clear that, synthetic diamonds would not be traded on the DiaEx diamond exchange but, something needs to be said about certified diamonds. Several diamond testing laboratories including, GIA the most renowned lab, are currently looking to offer certification for synthetic diamonds. This changes the implication of the term ‘certified diamonds’.

In Navneet Goenka’s words, ‘…. let us make a very clear definition about certified diamonds. In the context of the Glitzkoin DiaEx platform it would imply diamonds, that are natural and certified as such. While GIA has made it clear that it will certify synthetic diamonds, the issued certificate will clearly state whether the diamond that is certified is synthetic or natural..’.

On being asked whether the exclusion of synthetic diamonds from the Glitzkoin diamond trading platform, would significantly reduce the trading volume on the DiaEx exchange, the diamond veteran had a clear explanation. He mentioned that, the Glitzkoin project never ever considered trading in manmade diamonds, the projections and estimated targets were based solely on natural diamonds. 

The diamond industry is valued at around $90 billion and approximately 60-65% of this, relates to trade in natural diamonds that are cut and polished. Glitzkoin has set a conservative estimate of around, 5% to 7% of this trade for the DiaEx platform. This amounts to about $3 to $4 billion trading, in the first couple of years. Since the Glitzkoin GTN token would be used to settle payments on the platform, DiaEx should deliver significant demand for the token. The crypto community has been quick to realize this and continues to actively support the project. 

The DiaEx is scheduled to be implemented and fully functional in the last quarter of 2018. The first batch of diamonds valued at around $500 million, have already been processed and tabulated. These will be listed immediately after, the testing report confirms, no bugs or errors. 

Seasoned crypto participants strongly supported the Glitzkoin ICO, which was successfully completed in June 2018. The ICO closed at a token price of $0.20 and at this point, the GTN token is trading on Stellar based exchanges, within a price range of $0.18 to $0.22 per token.