February 28, 2024

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World’s first blockchain-powered diamond trading platform to launch in Hong Kong

According to a recent press release, a financial firm at the Hong Kong Science and Technology Park announced the launch of the world’s first global diamonds trading platform powered by blockchain and exchange technology.

Hong Kong is the platform’s inaugural global marketplace for physically settled diamonds, where origin, ownership and transaction of diamonds are fully traceable and recorded by emerging blockchain technology, to provide a complete, accurate and transparent digital ledger that cannot be edited.

Buyers and sellers can trade physical diamonds conveniently, economically and securely around the year, as easily as trading traditional assets such as gold or currencies.

The launch ceremony was officiated by the Co-Founder and Chief Executive Officer of the platform’s developers, the Head of Investment at the Hong Kong Science and Technology Parks Corporation, the Chairman at the Institute of Financial Technologists of Asia and a founding member of the Hong Kong Indian Diamond Association.

The diamond trading platform also allows investors to leverage the immense opportunity the diamond investment and trading market has to offer. The global trading volume of polished diamonds has reached HK$195 billion (US$25 billion).

In 2017, demand from the China market (including Hong Kong and Macau) contributed to 16% of the diamond market, making it the second-largest market in the world, underpinning the city’s advantages to develop a trading centre for diamonds as a new asset.

Investment-grade diamonds’ high store value, low volatility and low correlation with other asset classes make them an ideal asset allocation tool. Meanwhile, Hong Kong’s simple tax system and sophisticated financial infrastructure, also allows dealers to trade diamonds conveniently and at a relatively low cost.

The Co-Founder and CEO of the company that developed the platform stated that the trading platform is fully digital and blockchain-backed. It ensures investors trade diamonds in a transparent and secure environment. The latest blockchain technology it employs is key to building public trust in investment in diamonds. Indeed, the entire journey from suppliers, through verification, physical custody to delivery is now highly transparent, he noted.

The Head of Investment at HKSTP said that the launch of the platform in Hong Kong is another success of the ‘Incu-Tech’ Programme. The platform’s developer was selected as an incubatee in January 2018. HKSTP was impressed by its management team and unique business model, the first start-up in Hong Kong to apply blockchain technology in the trading of physical diamonds.

The Head noted that as an international financial centre, Hong Kong is well-positioned to develop into a global diamond trading hub, and the innovation and technology sector has an important role to play in supporting such transformation. By leveraging and developing the latest blockchain technology, the region is seeing the stronger synergy of cross-industry collaboration, which is critical in driving the growth of a more robust fintech ecosystem and innovative finance sector.

The Chairman at the Institute of Financial Technologists of Asia commented that diamonds offer unique advantages in the protection of wealth especially during periods of high market volatility. The enhanced price transparency, liquidity and product standardization provided by the trading platform enable investors to trade diamonds as easily as they can trade gold and stocks.

Targeting the 1.4 million high net worth population in Greater China, the platform officially went live on 14 November 2018. Only GIA double-verified investment grade diamonds (top-5 colour and clarity) will trade with a transparent bid/ask price to match global sellers and buyers.

The platform uses the latest DLT (distributed ledger technology) of blockchain to trace diamond DNA and trade records.

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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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