Diamond Standard

Diamond Standard is the producer of the first exchange traded, regulator approved, fungible diamond commodity.[1][2][3]

Diamond Standard, Inc.
TypePrivate
IndustryE-commerce
Founded2018
FounderCormac Kinney (CEO & Founder)
Headquarters
New York City
,
USA
Area served
Worldwide
ProductsDiamond Standard Coin, Diamond Standard Bar, Bitcarbon token
Websitediamondstandard.co

In September 2020, The Wall Street Journal reported that after a $25 million initial public commodity offering, the company is launching futures contracts and an ETF on the NYSE.[1]

The coin and bar are physical, and each contains a standardized set of diamonds, graded and certified by the GIA.[1] The diamonds are acquired using an automated market-making and statistical sampling process.[1][4] The geological details of the diamonds is stored on a public blockchain.[1][5]

The diamond coin and bar contain an embedded wireless encryption chip.[1] The chip provides auditing and authentication, and stores a blockchain token, which enables the commodity to be traded on the same digital exchanges where Bitcoin and other cryptocurrencies are traded.[1]

The Diamond Standard Coin offerings are regulated by the Bermuda Monetary Authority and audited by Deloitte.[1][4] The authenticity and fairness of the diamond commodity is ensured by full transparency regarding the contents, sourcing, and price discovery of the diamonds inside each commodity.[1]

To supply the commodity, the company formed the Diamond Standard Exchange. All diamonds contained in the commodity are priced and acquired via transparent bidding on this exchange.[6][7]

The company was founded in New York City and has offices in Hamilton, Bermuda,[8] the domicile of its regulator.[6]

History

Founder Cormac Kinney is a software designer and serial entrepreneur.[1]

Diamond Standard, and the Bitcarbon token, are among the first services to launch under Bermuda's recently enacted Digital Asset Business Act.[9]

References
  1. Ramkumar, Amrith (September 21, 2020). "Easy Diamond Trading Set to Be Available for First Time". The Wall Street Journal.
  2. Claman, Liz (June 26, 2019). "Diamond Standard launches world's first fungible diamond commodity". Fox Business.
  3. Steel, Alix (August 19, 2019). "The CEO Hoping to Turn Diamonds into gold". Bloomberg Commodities Edge.
  4. "Diamond Standard launches fungible diamond commodity". HedgeWeek. March 5, 2019.
  5. Roberts, Daniel (August 2, 2019). "Diamond Standard backs precious gems with blockchain". Yahoo Finance.
  6. Neil, Scott (May 16, 2019). "Bitcarbon eyes May launch as orders roll in". Royal Gazette.
  7. Petallides, Nicole (May 15, 2019). "Diamond Standard CEO Interviewed at NASDAQ". TD Ameritrade Network.
  8. Neill, Scott (December 14, 2018). "New digital asset business seeks 16 staff". The Royal Gazette.
  9. "Premier Meets With Cormac Kinney Of Bitcarbon". Bernews. December 18, 2018.
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