Carats.io, the newly-launched Israeli startup issuing the first cryptocurrency backed by diamonds, has announced the appointment of Eli Avidar as President of the Company.

Till recently the Managing Director of the Israel Diamond Exchange (IDE) and the Israel Diamond Institute (IDI), Eli Avidar presently holds the post of Vice President of CIBJO, The World Jewellery Confederation.

Avidar has held top level positions with the Israel Foreign Ministry In the past, and served in several postings abroad. He was also President of the Israel-Africa Chamber of Commerce.

Carats.io uses state-of-the-art Big Data and blockchain technologies to tokenise diamonds, and has created a sophisticated algorithm that compares individual diamond grades to daily market conditions, the Company explained. “This algorithm has so far been deployed to price over $1 billion worth of diamonds,” Carats.io said. “The company, which is audited by international accounting firm Ernst & Young, has raised $1.6 million in its first financing round.”

Eli Avidar commented: “The international financial community is divided into those who are wary of digital currencies and those who are seeking a way to invest in them. Regulators in major markets are working intensely to find ways to integrate digital currencies into their trading systems.”

He added: “Carats.io is based on principles of transparency, stability and liquidity, which serves it well in complying with the demands of international regulations in areas of capital markets, anti-money laundering and Basel Committee standards. The company was established to be a bridgehead between the very traditional diamond market and the new financial world.”