Diamond Standard
 | This article contains promotional content. (October 2023) |
 | |
| Company type | Private |
|---|---|
| Industry | E-commerce |
| Founded | 2018 |
| Founder | Cormac Kinney (CEO & Founder) |
| Headquarters | , United States |
Area served | Worldwide |
| Products |
|
| Website | diamondstandard |
Diamond Standard is the producer of an exchange-traded, regulated diamond commodity.[1][2][3] Equivalent to a standard gold bar for the diamond market, the diamond coin and bar enables investors to access an estimated $1.2 trillion asset class.[4] Futures contracts are in development by CFTC-licensees,[1] and an investment trust launched in 2022.[5][4]
Products
[edit]The coin and bar are physical, and each contains a standardized set of diamonds, graded and certified by the Gemological Institute of America.[1] The diamonds are acquired using an automated market-making and statistical sampling process.[1][6] The geological details of the diamonds are stored on a public blockchain.[1][7]
The commodity makes diamonds accessible to fund managers because the commodity is marked-to-market daily.[4] While the commodity is held by custodians, the asset is traded using a regulator-licensed blockchain token.[4] The diamond coin and bar contain an embedded wireless encryption chip.[1] The chip provides auditing and authentication and stores the blockchain token, which can be transacted electronically.[1]
The Diamond Standard Coin offerings are regulated by the Bermuda Monetary Authority and audited by Deloitte.[1][6] Diamond Standard and the Bitcarbon token are among the first services to launch under Bermuda's recently enacted Digital Asset Business Act.[8] To supply the commodity, the company also formed the Diamond Standard Exchange. All diamonds contained in the commodity are priced and acquired via transparent bidding on this exchange.[9][10]
History
[edit]The company was founded in 2018 by Cormac Kinney, a software designer and serial entrepreneur.[1] The company was founded in New York City and has offices in Hamilton, Bermuda,[11] the domicile of its regulator.[9]
References
[edit]- ^ a b c d e f g h i Ramkumar, Amrith (September 21, 2020). "Easy Diamond Trading Set to Be Available for First Time". The Wall Street Journal.
- ^ Claman, Liz (June 26, 2019). "Diamond Standard launches world's first fungible diamond commodity". Fox Business (a news through a picture-in-picture video).
- ^ Steel, Alix (August 9, 2019). "The CEO Hoping to Turn Diamonds into gold". Bloomberg Commodities Edge (a news through a picture-in-picture video).
- ^ a b c d Wintermeyer, Lawrence (August 31, 2021). "Diamonds On The Blockchain: A Sustainable Way For Everyone To Invest And Hedge Against Inflation". Forbes.
- ^ Ramkumar, Amrith (November 8, 2021). "New Trust to Offer Institutional Investors Greater Access to Diamond Market". The Wall Street Journal.
- ^ a b "Diamond Standard launches fungible diamond commodity". HedgeWeek. May 3, 2019.
- ^ Roberts, Daniel (August 2, 2019). "Diamond Standard backs precious gems with blockchain". Yahoo Finance.
- ^ "Premier Meets With Cormac Kinney Of Bitcarbon". Bernews. December 18, 2018.
- ^ a b Neil, Scott (May 16, 2019). "Bitcarbon eyes May launch as orders roll in". Royal Gazette.
- ^ Petallides, Nicole (May 15, 2019). "Diamond Standard CEO Interviewed at NASDAQ". TD Ameritrade Network.
- ^ Neill, Scott (December 14, 2018). "New digital asset business seeks 16 staff". The Royal Gazette.