MONTH IN REVIEW
www.jewelleryfocus.co.uk
CRYPTOCURRENCIES
Israel Diamond
Exchange
announces
diamond-based
cryptocurrencies
The group will host a seminar at
International Diamond Week to
introduce two new currencies.
The Israel Diamond Exchange
(IDE) will unveil two new diamond-
based cryptocurrencies at the next
2018 International Diamond Week in
Israel (IDWI)
Created by startup Carts.Io, the
group will host a seminar introducing
its new diamond-backed financial
instruments and explain the benefits it
could have for the diamond industry.
Carats.Io will be creating two separate
cryptocurrencies, each backed by
diamonds purchased on the Israel
Diamond Exchange. One coin called
CUT (Carat Utility Token), will be used
specifically in B2B transactions between
eligible diamond traders, enabling safe
peer-to-peer transactions.
The second currency, called ‘CARAT’,
is meant for the wider market of
financial institutions and digital currency
investors. Both currencies will be
backed by diamonds with a market cap
coverage of 25%, significantly reducing
the speculative level of investment.
Avishai Shoushan, founder and CEO,
said: “We’re making a meaningful
contribution to the diamond industry
by simplifying transactions between
diamantaires, eliminating financial
intermediaries, and enabling diamond
dealers to hedge themselves against
price changes.
“Moreover, we’re opening the
diamond industry to a huge, largely
untapped market of financial institutions
and cryptocurrency investors.”
Yoram Dvash, IDE president, said:
“By cooperating with this innovative
startup, we’re making diamonds a
viable investment channel for a whole
new market. This is important for
the diamond sector in Israel and the
world over”.
16 JEWELLERY FOCUS
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RETAIL
High street sees
sharpest footfall
decline in four
years
Consumers flocked to online shopping
sites in greater numbers than ever.
New figures from the British Retail
Consortium (BRC) and Springboard
show footfall in the month of December
suffered its sharpest decline since
March 2013.
Total UK retail footfall fell by 3.5%
compared with December 2016, while the
high street saw a sharper drop, down by
4.6%. Shopping centres suffered a footfall
decrease of 3.8%, while retail parks saw a
marginal drop of 0.6%.
This is in contrast to the overall
increase of retail sales by 0.6% from 26
November to 30 December, suggesting
that more people were shopping online
during this period.
Helen Dickinson, chief executive of
the BRC, said: “In the past, shoppers
would have exclusively visited physical
stores to ensure stockings were filled
for Christmas. Improved delivery
options by both purely digital retailers
and those with stores and an online
offer mean many purchases of last
minute gifts are moving online.
“The squeeze on discretionary
spending also contributed to the
decline in footfall. Households had
to use their money more carefully,
researching products online, rather
than heading out to stores to browse.”
Diane Wehrle, Springboard
marketing and insights director, added:
“The poor non-food LFL in-store sales
growth clearly reflects the more severe
drop in footfall during retail trading
hours in December, than over the
entire 24 hour period; and is further
compounded by a declining store
capture rate.”
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BLOCKCHAIN TECHNOLOGY
De Beers launches
diamond
blockchain pilot
The scheme aims to ensure all
registered diamonds are conflict-free
and natural, while enhancing efficiency
across the sector.
De Beers Group has launched a pilot
that uses blockchain technology to
provide a tamper-proof and permanent
digital record for diamonds registered
on the platform.
Following the success of an initial
proof of concept trial, which resulted
in a working prototype, a pilot is now
underway involving a small number of
participants. The pilot will assess how
the platform can be integrated with
existing systems and processes, in
advance of a full launch later this year.
Once fully established the blockchain
will operate as an open platform, on top
of which a range of applications that
benefit the industry can be built.
Bruce Cleaver, De Beers CEO, said:
“We are very excited about this initiative
and the benefits it could deliver across
the diamond value chain, from producers
through to retailers and consumers.
“We look forward to continuing to
engage with industry stakeholders
as we progress development of the
platform over the coming months.”
Hallmarking in
December fell by
November
7.4%
11%
723,371 items
to to 1,064,578
items
(compared with the
December)
previous November)
February 2018 | jewelleryfocus.co.uk