Diamonds are forever
News

Diamonds are forever

DIAMONDS can at last be an investor’s best friend, the Singapore Diamond Investment Exchange (SDIX) revealed this week, as it launched a new standardised form of the precious stones to rival gold ingots as a safe-haven alternative to cash.

The industry says diamonds are the world’s most concentrated form of wealth, but investors have long viewed them as less useful as a store of value than gold because each stone is different, making its value subjective and trading difficult.

Alain Vandenborre, chairman and founder of SDIX, says technology has solved that problem and diamonds can now become “the new gold”.

Diamond Bullion, produced by the Singapore Diamond Mint, is a collection of investment grade diamonds whose value can be quickly checked. Denominations will initially range between $100,000 and $200,000 (€85,000 and €170,000), with higher and lower values possible in future.

The diamonds are stored in a credit card-sized device containing a chip that allows immediate valuation.

A mark on the Diamond Bullion developed by the International Institute of Diamond Grading and Research (IIDGR), which is part of Anglo American’s De Beers Group, provides a further guarantee.

SDIX, launched in 2016, says it is the world’s first and only electronic exchange for trading investment-grade diamonds

Diamond miners in principle welcomed Diamond Bullion.

“Anything that can bring transparency to the diamond price is a good thing,” Karl Smithson, CEO of Stellar Diamonds told Reuters. Stellar Diamonds has a diamond-mining project in Sierra Leone.

Spread the RTN News!
RTN Web Master
Contact us on admin@rtnnewspaper.com
https://www.rtnnewspaper.com/

Leave a Reply

Your email address will not be published. Required fields are marked *