Main purpose of Diamond Network Project is to solve the volatility problems, using blockchain technology, in order to create a new type of cryptocurrency – stable coin, where each issued coin will be secured by a diamond of 0.04 carat.
Global polished diamond demand at wholesale level was accounted for almost $22 billion in 2014. The total value of the diamond jewelry market worldwide was some 80.1 billion U.S. dollars in 2016, showing an increase of approximately one billion U.S. dollars from the previous year. Unfortunately, diamond industry is still known for its problems and human rights abuse. Diamonds have funded brutal wars in countries such as Angola, Central African Republic, the Democratic Republic of Congo, Liberia, and Sierra Leone, resulting in the death and displacement of millions of people. There is a reason they are dubbed ‘Blood Diamonds’ or ‘Conflict Diamonds’.
Due to difference in social costs and natural costs the diamond price per carat, depending of the country of origin, can vary even 300% from the average, but after grading it is almost impossible to tell where it is from if the origin is not known. We believe that the diamond buyers have the right to know exactly what they buy - The Project will promote transparency and allow to determine the mine of origin, the true price of the diamond and provide future traceability of the gem.
Totally transparent diamond market that will be traceable, reliable and responsible. Digital Diamond Database and Gemstone Origin Verification service is being developed together with the SCS Global Services (Further SCS) research centre based in USA.
Origin Verification Technology links any diamond back to any mine, once baseline is established. SCS has the exclusive right of using this laser technology. It is backed by sophisticated, proprietary-software powered by the artificial intelligence. With the common goal of setting up the baseline (Diamond DNA) of each mine in the world SCSand DN are establishing a cooperation. So far more than 50 000 diamonds from 7 mining’s have been tested by SCS.
The utility token called DPT Diamond Platform Token, gives access to the platform and its services; DPT will also be used to pay the fees for the services. DPT is a subject of ICO.
The standardized security token called CDC which stands for Certified Diamond Coin is equal to 0.04 cts of diamond. CDC is a hybrid token: security token + payment token; fulfils the role of reserve currency and stable coin. CDC is considered a derivative, it underlies the Financial Market Regulations and the Anti-Money Laundering act. Diamond Network will release the token only after acquiring the License.