Fancy diamonds as a coin? It can be yours for $5,000

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Thursday, October 28, 2021

Gold / Forex

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Analysis

Fancy diamonds as a coin? It can be yours for $5,000

New initiative aims to set diamonds as an investor favourite… forever

Published: May 28, 2021 08:00 Manoj Nair, Business Editor , Devadasan K P, Picture Editor and Nivetha Dayanand, Web Editor

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Diamond — The diamond trade wants investors to take it seriously. And not just by shoppers who are out to buy the most exquisitely designed jewellery pieces to adorn the loveliest of necks, wrists or hands. Image Credit: Shutterstock

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Stock - Diamond Coin — This is exactly what Diamond Standard has done – bring out coins carrying a value of a fixed $5,000. The intention is to get the big funds and investors to pick up these coins as a tradeable asset. Much like they do with gold, other metals and, of course, crypto-coins. Image Credit: Supplied

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Diamond Coins — That’s right – these diamond coins can be bought and sold through online channels and don’t need to be sent physically from one point to the other. All details are entered into blockchain accounting, which is any trait that it shares with Bitcoin. Image Credit: Supplied

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Real value – because they are marked against real assets, says Shaunak Shastree, General Manager IGI (International Gemological Institute), the entity that is the certifying agency for the coins. “That’s unlike all the cryptocurrencies out there that have no real asset back up.” Image Credit: Clint Egbert/Gulf News

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Diamond coin — Only up to $25 million worth of these diamond studded coins will be issued. Keeping in mind that there aren’t too many ‘natural’ diamond mines being discovered and older ones seeing marked declines in output, these coins could build up a store of value. Image Credit: Clint Egbert/Gulf News

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Do we have a gamechanger in the making? “The concept of diamond being used as a trading commodity is relatively new, and hence our partner like IGI will add value in instilling confidence amongst the investors,” said Cormac Kinney, founder and CEO of Diamond Standard, which is launching the coins. “Diamond trading will be a gamechanger in the coming days in the world of trade.” Image Credit: Source: Diamond Standard

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Diamond Stone — So, the next time when deciding on the asset mix, keep an eye out for diamonds. It could well be the store of value… forever Image Credit: Shutterstock

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