Data processing: financial – business practice – management – or co – Automated electrical financial or business practice or... – Finance
Patent
1997-07-29
1999-09-07
Cosimano, Edward R.
Data processing: financial, business practice, management, or co
Automated electrical financial or business practice or...
Finance
705 35, 707100, 707102, 707104, G06F 1760
Patent
active
059501782
ABSTRACT:
A data processing system and method for facilitating transactions in precious stones such as diamonds is set forth. A host processor stores data input by a seller from a remote terminal for a stone to be sold based upon weight, cut shape, cut quality and a matrix of color and clarity. From remote terminals sellers may input data to list stones which they offer for sale with the offer price and buyers make bids. The host processor stores the data which may be remotely viewed at remote terminals which reproduce the matrix and show the lowest offer price, highest bid price and last sales price for each category of the matrix. When a bid and offer match for a listed stone, confirmation is issued to the buyer and seller to confirm the sale. A third party escrow will receive the sold stone and payment and thereafter distribute it to the receiving party.
REFERENCES:
patent: 5124935 (1992-06-01), Wallner et al.
patent: 5828405 (1998-10-01), Vanier et al.
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