Diamond trading has now become transparent with the listing of Carats.io Get-Diamonds Index (GDX) on Investing. com, a leading global financial portal that provides news, analysis, technical data and financial tools for investors in global financial markets. GDX is the first diamond trading index of its kind, based on the daily trading data on Get- Diamonds.com, the Israeli diamond industry’s official B2B trading site. With the listing of GDX on Investing.com, Carats.io, an Israeli blockchain company in partnership with the Israel Diamond Exchange, is creating the first-ever viable secondary market for diamond commerce.
Carats.io, which raised $1.6 million in its first funding round led by Israeli venture capital fund Net Capital Ventures, is issuing the first digital coin backed by diamonds that combines the stability of diamonds with the liquidity of cryptocurrency. The coin, Carat, is 100% redeemable for diamonds because it is backed by real certified diamonds, audited by international accounting firm Ernst & Young. Currently in presale, there are large subscriptions for the token through the company website.
Moreover, Carats.io executive team, which recently completed a road show in the Asian capitals, Hong Kong, Singapore, Korea and Japan, for a private sale of the Carat token, reported outstanding results for the sale.
Carats.io CEO Avishai Shoushan said, “We are bringing diamonds to financial markets as a safe, transparent and liquid financial asset. Carats.io aims to commoditise the diamond industry in order to open it up to financial investors. The GDX is our way of achieving that goal. We are happy to see that the traditional financial community is adopting our index. But this is only a first step in the creation of a viable secondary market for diamond trade. We promise some additional surprises along the way.”
To tokenise diamonds, Carats.io uses state-of-the-art Big Data and blockchain technologies. Its proprietary Diamond Pricing Algorithm (DPA) compares individual diamond grades to daily market conditions, based on not less than 14 diamond parameters. The DPA has been deployed so far on over $11 billion worth of diamonds.