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Crypto-Coin Company Acquires $20M in Diamonds
May 28, 2018 7:00 AM
By Rapaport News
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RAPAPORT... Singapore-based D1 Mint has agreed to buy $20 million worth
of diamonds to back its new cryptocurrency coin, the company said last week.
The 1,500 investment-grade diamonds were manufactured by
Hong Kong-headquartered KGK Diamonds, and sourced from Russian miner Alrosa. The
stones will go to the Gemological Institute of America (GIA) in New York for
grading, laser-etching and packaging, before being secured in vaults in
Singapore and Switzerland.
Coin holders can select specific stones from the reserve at
any time and convert their tokens into diamonds at a fixed price, determined by
the company’s algorithm. Consequently, D1
Coins provide a direct exposure to the price of diamonds, opening a new asset
class to investors globally, the company explained.
“We believe that the approach taken by D1 will succeed in
making natural diamonds an investment asset class attractive to various
investor groups, drive higher demand for natural diamonds and support further
growth of the diamond industry in Russia,” said Alexei Chekunkov, a member of
the international advisory committee for D1, as well as CEO of the Far East
Development Fund and a member of Alrosa’s board of directors.
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Tags:
Alexei Chekunkov, Alrosa, cryptocurrency, D1 Mint, Gemological Institute of America, GIA, KGK, KGK Diamonds, Rapaport News
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