Company Buys 50,000 Diamonds for World-First Tradable Coins

By John Jeffay / April 25, 2021 / www.idexonline.com / Article Link

(IDEX Online) - The company behind diamond "coins" for investors will embark on the automated purchase of about 50,000 gems on Tuesday.The coins (see picture) will be the world's first regulator-approved, exchange-traded, fungible diamond commodity offering. New York-based Diamond Standard is buying inventory to produce the first batch of 5,000 diamond standard coins, each containing "a set of certified natural diamonds with identical geological scarcity" weighing around 4.5 carats all with the exact value of $5,000.The diamonds will be assembled into clear plastic coins containing a wireless blockchain token by the International Gemological Institute (IGI).They will then be traded as a commodity and the price will fluctuate. Subsequent coins will replicate the rarity of the benchmark set. "We buy sight unseen," said CEO and founder Cormac Kinney. "Our computer automatically buys the least expensive diamonds across a statistically valid sample.  We don't even know the price. We are literally buying the certificate."Diamond Standard bids electronically through its own Diamond Standard Exchange to buy a statistical samples of all qualities of natural, polished diamonds, seeking the lowest price across a wide range - D to L color, IF to SI2 clarity, VG to EX GIA cut scale, from 0.21-carats to 0.75-carats. 

Recent News

Gold stocks still up after pullback late in the week

October 20, 2025 / www.canadianminingreport.com

US regional bank slump goes global, driving market into gold

October 20, 2025 / www.canadianminingreport.com

Gold stocks weaker but outperform slump in other sectors

October 13, 2025 / www.canadianminingreport.com

West Africa-focussed Robex and PDI to merge

October 13, 2025 / www.canadianminingreport.com

Gold stocks outperform equity market gains

October 06, 2025 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok