Giving the opportunity for gem buyers and sellers to come together and do business, like the old days, but online.

About

BitGems is developing the world’s first decentralized B2B marketplace for certified diamonds built on the Ethereum smart contract and IPFS hypermedia protocols. As a matter of fact, we are developing one of the first decentralized marketplaces for any kind of physical asset. The BitGems platform is not owned by anyone, rather it is controlled by the collective of all gem dealers who participate on the network. BitGems will allow you to broadcast offers to purchase and bids to sell gems to every other participant in its commerce network. The network allows participants to search and filter for gems and dealers across the full spectrum of gemological classifications and data points. All listings allow the inclusion of high definition multimedia of the gems including live video communications. The BitGems platform supports both fiat and cryptocurrency based payments, escrow services and has gem fraud detection mechanisms built into the network itself.

Telepresence

In addition to the ability of uploading pictures, videos and other related documentation with listings, parties can arrange to communicate with each other and see gems in real time using a premium high definition video conferencing and messaging service built right into the platform. Sessions can be recorded upon consent of both parties. The BitGems Telepresence service is a very cost effective way to examine diamonds irrespective of location and goes far beyond free video conferencing solutions like Skype to include 1080p resolution at 60 fps (frames per second), allowing gems to be inspected as if you are virtually there.

Instant Transaction Settlement and Permanent Transaction History on the Blockchain

BitGems uses Blockchain technologies to enable instant payments and settlement of funds by participants. Payments can be made using ethereum based cryptocurrencies and even fiat currencies and other virtual currencies through trusted payment gateway service providers on the BitGems commerce network. Any party can become a gateway service provider on the BitGems network, but the BitGems payments protocol enforces that all corresponding service providers have formed a cryptographically provable Web of Trust before participating in a transaction.

Permanent and Unforgeable Diamond Certification on the Blockchain

Each transaction contains the digital fingerprint of the gems being traded, including the diamond certificate and all of its gemological characteristics, and complete trading history permanently inscribed in the Ethereum blockchain and unforgeable from transaction to transaction. This makes it much harder for any party to commit fraud. Ownership of a diamond with a specific registered fingerprint is provable on BitGems, without compromising the privacy of a transaction.

Escrow, Reputation and Identity Services

Transactions on BitGems can be completely between buyer and seller with no intermediaries required. However, parties can choose to use a third party Escrow Service Provider on the BitGems platform which acts as a notary and arbiter in case of disputes regarding a transaction. With escrow, when two out of the three parties agree that a trade is valid and complete, the transaction is settled on the network.

The BitGems network provides a means for trusted third party reputation and identity providers to validate the identity of a participant and provide their reputation score based on trading history, on and off the BitGems network. In addition, the BitGems network, intrinsically employs the Web of Trust as fundamental network component.

Decentralized and Democratic

All features that BitGems Asset Management Ltd, and its parent company, Precious Investments Inc., will be providing on the BitGems network, is open to be provided by any third party. From communications, to payment gateway and escrow services to reputation and identity services, any service provider who implements the required protocols can offer these services on the BitGems network. All source code to the BitGems platform will be made available opensource to the development community. Current gem industry leaders, including marketplace providers and bourses, can continue offering services, and in fact, offer even more lucrative services than they currently do on the open and liquid BitGems network.

As an organization, we are not interested in selling a technology, our goal is to establish ourselves as a market maker and diamond trading company, and to participate in a marketplace that is open to new entrants, decentralized and highly liquid. Our goal is to make it easier for us to sell diamonds and diamond backed tokens onlines.

The BitGems commerce network will be launching in Q2 2016. Please sign up to receive further announcements on BitGems and the platform launch.