A new cryptocurrency-based marketplace is aiming to take on traditional jewellery shops, from which it said customers typically “overpay” for their diamonds.

At an Istanbul hotel business Cypto Exchange Stockpoint unveiled Triple Ex Token, a new diamond-based cryptocurrency.

Diamond exchange the Triple Ex Marketplace, touted for a May 2022 launch, will allow users to buy and sell diamonds for cryptocurrency at the investment price.

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To get access to the marketplace users must buy a Triple Ex Token (3-Ex).

A press release on the news read: “The diamond market until now has been conservative and closed to ordinary buyers.

“Diamonds, unlike gold, are not available as an asset – people massively overpay when buying diamonds from jewellery stores. These problems led to the solution – to create a marketplace with equal opportunities for both the amateur and the professional.”

One of the project’s creators was quoted as saying: “The technology is uncomplicated. If you use a utility token on the Triple Ex Marketplace, it’s no longer traded on the exchange.

“And if many people are on the marketplace, that means there will be correspondingly fewer tokens on the exchange, a shortage. That’s supply and demand; that’s how we manage to keep the price up; that’s why these tokens have real value.”