IGI partners with diamond standard to grade diamond coins

IGI partners with diamond standard to grade diamond coins

Dubai: International Gemological Institute (IGI), the global leader for gems & jewelry grading, joins hand with Diamond Standard to launch - Diamond Standard Coin, the first of its kind investment product which can be traded on the market as a regulated commodity, similar to gold. The Coin is the world's first regulator approved, exchange traded, fungible diamond commodity that contains a set of statistically calibrated diamonds and a military-grade wireless encryption chip, allowing buyers to authenticate, audit and trade this brilliant new asset electronically, using blockchain technology. Under the collaboration with Diamond Standard, IGI will be responsible to receive, inspect and validate the authenticity of over 50,000 natural diamonds acquired through the Diamond Standard Exchange using automated market making and transparent bidding. Post which, IGI will assemble the diamonds, sealing them into a transparent coin with a sophisticated wireless computer chip. Specialized equipment will be used to analyze and enroll the Diamond Standard Coin onto a blockchain, creating a regulator-licensed digital token that is used to authenticate, audit and transact the coins. Commenting on the announcement, Shaunak Shastree, General Manager IGI, said "It is a colossal step forward for the diamond and associated sectors. Diamonds are the only top ranked