Hello Diamonds is constantly looking at innovating while carefully considering input from all market participants.
Due to increasing diamond transactions and an extended network of diamond manufacturers, Hello Diamonds enters the era of blockchain with DiamCoin (DC), first 100% diamonds backed token, offering a stable payment solution to online businesses and a dedicated ecosystem where diamond industry members can carry on daily transactions with limited entry barriers and low transaction costs.
Currently, the diamond industry is fragmented with high transaction fees, an inefficient payment system and a difficult process of accepting new members. Hello Diamonds is looking at solving these frictions by building a blockchain to increase transparency, ease the entry process for diamantaires and charging transaction fees at only 1% compared to the industry standard of 3 to 5%. The ecosystem allows clients to carry out daily transactions using a primary method of payment, DiamCoin, at a reduced rate.
DiamCoin’s value is derived from the Global Diamond Index and is backed by a stock of physical stones as a collateral. It will be the main payment method on the Hello Diamonds blockchain and it give the opportunity to potential customers to own a tokenized diamond (one DC token represents one milli-carat). DC token will be used as an escrow solution and transaction memo.
The goal is to increase transparency across the industry, decrease market access protocols, introducing lower fees at 1% – as opposed to the current fees of 3 to 5% – and design a global payment system whereby diamond industry professionals are able to transact with each other in a quick & secure way. These are the main attributes of the Hello Diamonds blockchain, an immutable ecosystem where any transaction cannot be reversed, and is set to challenge the way diamond industry currently works.
Additionally, Hello Diamonds introduces DiamDrop, the first B2C diamond venture to sell diamonds to the retail market at wholesale prices. The network will work with DiamCoin as the only payment method and costs for purchasing diamonds will be at least 25% less than the ones promoted by main market players such as BlueNile.
The DiamDrop platform features a large network of jewelry shops across the US and will offer a drop-shipping approach to buyers. The process includes shipping to preferred jeweler who will set the stone according to the customer’s preference.