Cryptocurrency
Diamond Industry Giants Partner With Blockchain Startup to Tokenize Gems via @cointelegraph
According to CoinTelegraph, “Two leading diamond industry players have agreed to work with blockchain startup D1 Mint Limited to tokenize diamonds, according to a May 23 press release shared with Cointelegraph. “D1 Mint Limited, the creator of the diamond-backed crypto asset D1 Coin, has signed its first purchase agreement to buy 1,500 investment-grade diamonds, worth $20 […]
According to CoinTelegraph, “Two leading diamond industry players have agreed to work with blockchain startup D1 Mint Limited to tokenize diamonds, according to a May 23 press release shared with Cointelegraph.
“D1 Mint Limited, the creator of the diamond-backed crypto asset D1 Coin, has signed its first purchase agreement to buy 1,500 investment-grade diamonds, worth $20 mln, from global veteran KGK Diamonds, part of the De Beers group. The raw diamonds were supplied by the largest diamond mining company in the world, Alrosa.
“Alexei Chekunkov, a member of Alrosa’s Board of Directors, said the company believes that the innovation of blockchain can transform the precious gem industry by making natural diamonds into an investment asset class with wider appeal across ‘various investor groups, driv higher demand.’
“The diamond industry has seen stagnating demand among retailers, with spending on diamond jewelry staying flat at around $80 bln a year since 2014, according to a De Beers study.”