International grading authority authenticates first-of-its-kind diamond coin
New York (March 11, 2021) — The International Gemological Institute (IGI), the world’s largest independent gemological laboratory, has made history through an unprecedented partnership with Diamond Standard. Diamond Standard recently received regulatory approval to offer the world’s only market traded diamond commodity—the Diamond Standard Coin.
Diamond Standard selected IGI to receive (in eight global locations), inspect and sort all diamonds used in the commodities, and to assemble the high-tech coins in the IGI’s labs.
The highly anticipated $25 million initial offering was launched on February 16, enabling institutional and individual investors to trade and hold a fungible diamond commodity for the first time. Diamond Standard Coins each have the same market value, and are being listed on commodity exchanges. The market price is determined by buyers and sellers—just like gold.
“This partnership is a monumental step forward for the diamond industry,” remarked Avi Levy, president of IGI North America. “We are uniquely positioned to support global investor demand for the diamond commodities, and are delighted to collaborate with Diamond Standard.”
Priced in the initial offering at $5,000 per coin, IGI is tasked with receiving, inspecting and validating the authenticity of over 50,000 natural diamonds, which are acquired through the Diamond Standard Exchange using automated market making and transparent bidding. After a global settlement process, IGI will assemble the diamonds, sealing them into a transparent coin with a sophisticated wireless computer chip. Lastly, IGI uses Diamond Standard’s specialized equipment to analyze and enroll the Diamond Standard Coin onto a blockchain, creating a regulator-licensed digital token that is used to transact the Coins.
“IGI’s expertise, global footprint, flexibility, and long-standing reputation of excellence made them a key partner in our pursuit to develop a regulator-approved diamond commodity,” said Cormac Kinney, founder and CEO of Diamond Standard. “We are excited to begin a long relationship, together delivering a revolutionary new asset to the market.”
The International Gemological Institute (IGI) has 18 laboratories in all major diamond and jewelry centers around the world, as well as eight education facilities. For 45 years, IGI has provided the fine jewelry community and consumers with a broad range of services including independent diamond grading reports, colored stone reports, identification and appraisal reports, diamond authentication and attestation of origin, laser inscription services, as well as the issuing of the traditional jewelry identification report. Regardless of location or marketplace, an authentic IGI Laboratory Report is the common language of trust and confidence in the gemological world.
About Diamond Standard Co.
Diamond Standard Co. is the creator of the world’s first and only regulator-approved diamond commodity. By unlocking diamonds as a market-traded asset, Diamond Standard helps investors to access a natural resource currently worth $1.2 trillion – more than all the world’s silver and platinum combined. A breakthrough deliverable hard asset, the diamond commodity provides diversification and a new store of wealth for institutional and individual investors, while bringing transparency and efficiency to the diamond supply chain. To invest brilliantly or learn more, visit www.diamondstandard.co.