Diamond Standard launches spot market for fungible coins

Providing liquidity for the revolutionary diamond asset class

NEW YORK, October 4, 2022 /PRNewswire/ — Diamond Standard Inc., developer of the world’s only regulator-approved diamond, today announced the launch of the Diamond Standard Spot Market, enabling free and instant trading of Standard Diamond Parts.

Each standard diamond piece contains a blockchain token, stored on a wireless chip inside the clear plastic piece, under the fungible set of diamonds. Anyone who owns this token under a regulator license, owns the commodity and can take delivery of it at any time.

The Diamond Standard Spot Market is a peer-to-peer marketplace with a centralized limit order book, where individuals or market makers can trade Diamond Standard tokens for USDC stablecoins, issued by Circle and pegged to the American dollar. Thanks to the efficiency of blockchain transactions, there are no transaction fees for trading.

The Spot Market is offered by DS Admin Trust, a Delaware Trust that manages the custody of Diamond Standard products at Brinks, for their owners and merchants. Unlike stocks held by brokers or cryptocurrency held by exchanges, Diamond Standard tokens are held in digital wallets directly controlled by the owners.

“The Diamond Standard Spot Market is a huge leap forward for diamonds as an asset class. standard diamond piece is “marked to market” daily and trades with much less “friction” than loose diamonds, which can be 20-40%, through an auction house, lender on pawnbrokers or a jeweller,” said Cormac KinneyFounder and CEO of Diamond Standard.

“Through this spot market, Diamond Standard is creating a new source of demand for diamonds while increasing participation and liquidity, key ingredients for investors and efficient markets,” said Paul Zimniskian independent diamond industry analyst.

The Diamond Standard spot market in action

  • Provides instant cash to owners of Diamond Standard products.
  • Enables market-based price discovery via live auctions.
  • Transactions settle instantly via the blockchain token embedded in each coin.
  • The tokens are in self-custody in the owner’s digital wallet. In a trade, assets are transferred from the seller to the buyer. The Spot Market does not store user assets.
  • To bid, users must have USDC tokens on the Ethereum blockchain.
  • Currently does not charge any transaction fees. Buyers become responsible for custody fees, currently $36/year/part, and physical delivery costs if requested.

While Diamond Standard’s commodity and token offerings are overseen by the Bermuda Monetary Authority, the spot market is not – it is a US-based venue.

Diamond Standard is the creator of the only regulator-approved diamond products in the world. By releasing diamonds as a market-traded asset, Diamond Standard provides access to a natural resource that is currently worth $1.2 trillion – more than the value of silver and platinum combined. A revolutionary durable asset that can be treated like a blockchain token, the commodity diamond offers diversification, potential inflation protection and a new store of wealth for institutional and individual investors, while bringing transparency and efficiency to the diamond supply chain. To invest brilliantly, go to www.diamondstandard.co

For media inquiries:
Monika Plock
Communications Manager
Diamond standard
[email protected]

SOURCE Diamond Standard

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