Industry News by Nemesis

New Nano-Laser Tagging Technology Will Reduce Fraud in Diamond Trade

July 3, 2019

 

New patents that aim to eliminate fraud, improve traceability and revive the availability of finance in the diamond industry have been filed by Scarselli Diamonds, a polished diamond traders and jewelry consignee to the trade, and Benoit J. P. Flammang, Founder and Chief Executive Officer of Beninvest & Associates.

 

The patents center on DiamTek, a solution using permanent nano-laser tagging of diamonds and gems to register them on blockchain. This technology will allow jewelers, bankers, pawnshops, insurance companies and the general public to use a unique smartphone application to read the tags and browse information concerning specific diamonds. By creating this uniquely coded and blockchain-registered identifier, each diamond will be traceable. This will not only dramatically reduce the risk of fraud, but will help establish a trustworthy marketplace for ancillary services providers to the diamond industry and the general public. The nano-laser tag does not affect a stone's clarity or color as per gemological universal standards.

 

The DiamTek solution will be at the heart of three other patents filled by Scarselli Diamonds and Benoit J. P. Flammang:

  • DiamFin - a financing platform for straight financing and peer-to-peer financing ofDiamTek tagged and registered diamonds. Erik Jens, the ex ABN-AMRO executive is helping with the development of this project.

  • DiamondTokenExchange - a tokenized crypto "zero-trust" exchange for DiamTek tagged diamonds, which aims to boost worldwide trade.

  • DiamondInvest - the creation of diamond investment vehicles to bring much needed liquidity to the diamond sector. Liquidity in the market will boost the demand for more tagging, which will create a full circle for revitalizing the diamond industry.

"DiamTek will help drastically enhance the consumer experience by focusing on millennials and empowering them through the use of a smartphone app to be able to access all related information, including characteristics and history, of diamonds and gem stones," says Bruno Scarselli of  Scarselli Diamonds. "DiamTek will also revive financing in the diamond industry through the creation of a tokenized and blockchain-based nano-tagging of diamond and gem assets, linking them to any financial transaction. This will mean no more financing of 'paper' but financing of uniquely identifiable assets. All of the patents we filled address solutions for all vertical players in the diamond industry, from mine top consumer."

 

Source: Idex

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