Tuesday, June 2, 2020
Interview

DiaSense Setting Eyes on Promising Future

Mr.Pratik Shah Founder of Diasense Share A Few Thoughts about the Current Scenario and the Future of the Diamond Market.

DiaSense Setting Eyes on Promising Future

Q. How do you describe DiaSense analysis rough to polished Price Index?

Ans.: With the efforts of 5 years, we have 130+ millions of B2B diamond listing records and 15+ millions of B2C diamond listing records from India and overseas. On the basis of this huge database, DiaSense Price Index has been derived very authentically. DiaSense Price Index is basically a result of big data analysis of a combination of Polished Diamond B2B listing records and Polished Diamond B2C price records.

Q. Polished Diamond Price Mechanism

Ans.: We have an algorithm that is applied to the B2B records and B2C records every month on which the system is applying condition about which record should be considered and which will be not.

Q. Polished Diamond Price Control through countries like the USA, Belgium, Israel, China, Taiwan, Bangkok, Japan including India.

Ans.: According to me, Polished Diamond Price must be controlled mainly by manufacturers and traders worldwide. As we all know, 9 out of every 11 diamonds sold worldwide have been manufactured in India. So Indian organization must take a call for that and do collective efforts with manufacturers and traders. Because until and unless govt. the organization will not come to initiate this revolution than no individual can be successful to come out from the buyers oriented dominated price index.

Q. How do you see the polished diamond price control and membership fee structure?

Ans.: We will share all our historical data, analysis, and algorithm with the organization which joins us. We will provide them DiaSense Price analysis quarterly. The organization will verify the analysis with the help of the authorized committee and after the approval, only the DPI published globally. Because any platform or analysis cannot justify the DPI without having and opinion of any strong organization.

Q. What is a benefit for Sight Holders, Manufacturers, Traders, and many Small and Medium Enterprise?

Ans.: We are not focusing on providing benefit or loss to any particular segment of the industry. This must be considered as an achievement and must be taken as a proud. The organization must have more than 3 no of members from each segment like Sight Holders, Manufacturers, SME, and even small traders. This way the only whole industry will be justified equally. If you ask any of the small traders today, they will complain that they are a major part of the industry although their voice is not being considered.

Q. How are you different from the other listing companies?

Ans.: The current price index which is delivered by a single entity and followed by the whole industry has no consideration of the opinion of industry people. Therefore it harms the industry deeply, especially in the recession like the current situation. We are working on only vision and slogan since the inception of DiaSense in 2015:

“Polished Diamond Price is the ‘Right’ of Diamond Manufacturers;  Fight together for the ‘Right’”

DiaSense is the only platform that is willing to provide Price Index approved by the selected organization and also ready to abide by the membership fee structure defined by the organization for its members.

Q. What is your reach and how does your company see itself within the next 5 years? 

Ans.: We have already reached 100% audience with our positive efforts. We have already members from most of all countries like India, the USA, Belgium, China, Hong Kong, Japan, Taiwan, Israel, etc. We are here for the industry and always stand with the industry.

Q. Who would be your top 10 competitors?

Ans.: We do not want to compete with anyone. We have only one vision and that is to provide an extensive platform to the industry with the DiaSense Price Index mechanism and giving its approval power in the hands of the industry to make it independent with the transparency.

Mines to Market
the authorMines to Market
Prashant Rathod

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