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 of DiamTek 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