5 Ways cutting-edge technologies are transforming one of the world’s oldest commodities

Diamonds, perhaps the most exclusive global industry, is being shaken to its core by cutting-edge technologies heralding a bright future for these shiny stones

5 Ways cutting-edge technologies are transforming the world’s oldest commodityDiamonds are one of the world’s oldest commodities, having been treasured and traded for thousands of years. Long before we began using them as engagement rings, diamonds have been considered objects of beauty and tremendous value. However, as with any traditional industry, the diamond world is being shaken and transformed by new technological developments. Some of these developments might seem to threaten the traditional industry by challenging existing methods, practices and structures. However, new innovations also bring with them great promise and potential.

Diamonds are one of the world’s oldest commodities, having been treasured and traded for thousands of years. Long before we began using them as engagement rings, diamonds have been considered objects of beauty and tremendous value. However, as with any traditional industry, the diamond world is being shaken and transformed by new technological developments. Some of these developments might seem to threaten the traditional industry by challenging existing methods, practices and structures. However, new innovations also bring with them great promise and potential.

Here are 5 of the most exciting ways technological developments are improving the diamond world:

‘Cutting-edge’ lasers – Lasers have traditionally been used to engrave the shiny stones. Recent developments have seen stronger and more accurate lasers being used to cut diamonds as well as remove impurities from the chemical structure of the rock.

3-D digital imaging – In our increasingly globalized world, people are finding themselves trading with people from places increasingly distant from their own. Recent developments in imaging and compression technologies aid dealers and consumers to examine gems from afar, helping to widen the market and open it for competition.

Quantum Computing – Not only are they beautiful, diamonds also have been discovered to have a very specific atomic impurity which is used by engineers to emit electrons in a dual on and off state simultaneously, forming the basis of any quantum computer (emitting both “0”’s and “1”’s at the same time). This discovery has created a whole new use for diamonds, one that is propelling the industry into the realm of high-tech.

Machine Learning – Diamond pricing has traditionally been subjective, based on the hands and eyes of each dealer in the transaction chain. This has severely limited the ability to develop a standardized market, and put inexperienced consumers at a severe disadvantage when purchasing the rare stones. One start-up, Carats.io decided to bring the market into the digital age with a complex diamond evaluation algorithm developed through the latest machine learning techniques applied to hundreds of thousands of transactions.

Blockchain – After tackling the challenge of standardized evaluation, Carats.io continued to lead the way in technological developments with the creation of a blockchain-based platform to allow for global transactions on a decentralized network. In this way, the diamond market can expand and connect to new markets and consumers.

 

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