A new diamond coin, made with real diamonds, is pitching itself as an alternative commodity for investors to purchase instead of gold bullion.
There was an initial release of 5,000 of the Diamond Standard Coin, each available for $5,000 (£3,595), making for an initial commodity of $25 million (£18 million).
“Diamonds are the ultimate hard asset—a $1.2-trillion natural resource that was never before accessible to investors,” said Cormac Kinney, founder and CEO of Diamond Standard.
He continued: “Our breakthrough technology unlocks the potential for diamonds to take their place next to gold and silver as a secure, deliverable, and easily traded commodity.”
Diamond Standard Co calls itself “the creator of the world’s first and only regulator-approved diamond commodity”.
It got off the ground with a a $15-million (£10.8 million) investment round led by Horizon Kinetics.
Diamond Standard revealed that, after the initial sale, the market price of the Diamond Standard Coin would be established by independent trading on various digital exchanges.
Like gold, there will be a daily fix, used to settle the forthcoming futures on CME Globex and options on MIAX, and to report the net-asset-value for any securities or institutional funds.