Two Blockchain Companies, Pure Diamond and lab-grown, are teaming up for solving the major issues of quality of the diamonds which has become a major concern in diamond business.
By using the blockchain technology, both the companies will verify the genuineness of diamonds to clear the supply chain of fraudsters. For the first time, lab-grown diamonds will be produced in Japan, which could produce an important impact on the diamond market.
This Japanese firm will be using the blockchain technology to store and trace the data of each lab-grown diamond such as its origin, certificate, date, and time of creation. According to Pure Diamond Farm Singapore, the synthetic diamond market had a global market size of $17 billion in 2016. This is expected to rise to $28 billion by 2022. De Beers and Swarovski already announced the launch of their own artificial diamond brands and the industry will continue to grow as reasonable alternatives which can come on the market.
The company further stated that it has succeeded in producing a lab-grown diamond that displays the same chemical, physical, and visual properties as those of a naturally mined diamond.
To kick-start the Japanese business, Blockchain Companies Pure Diamond will be launching its own initial coin offering (ICO) by the end of the year. Chris Yang, president of Pure Diamond Farm Singapore, mentioned that Pure Diamond Farm Singapore will introduce its cryptocurrency, Pure Diamond Coin that is associated with its lab-grown diamond.
Yang added that the Singapore-based company is targeting to use the Pure Diamond Coin in the real world to conduct transactions in the supply chain, which means Pure Diamond Coin can be dispersed in the diamond market and utilized to buy day-to-day products.
According to Coin Journal, in this pilot, the team of these blockchain companies, Pure Diamond and Lab-grown, are expecting that by uniting the lab-grown diamond technology and the blockchain, new opportunities will be brought to the market.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]