Offering was Oversubscribed by 50%
Diamonds are Finally an Investor-friendly Asset
NEW YORK, June 7, 2021 /PRNewswire/ — Diamond Standard, the developer of the world’s only regulator-approved diamond commodity, announced today the close of its initial commodity offering. Like a gold coin, this offering establishes the geological content contained inside every Diamond Standard Coin the company will ever produce.
Diamond Standard Coins are all identical in market value, and have been approved as the underlying asset for futures, options and an OTC listed fund; and upon SEC approval, a NYSE-listed ETF.
Diamond Standard Announces Closing of Initial Public Commodity Offering Each Coin contains a computer optimized, public sample of natural diamonds, acquired through a transparent, regulator-supervised process. To calibrate the diamond sample, the company was authorized to offer five thousand Coins for $5,000 each. The proceeds are used to purchase a statistical sample of natural diamonds through the Diamond Standard Exchange — the world’s first such exchange with a market maker and global settlement.
Upon delivery, Diamond Standard Coins can trade on electronic markets as a liquid commodity, just like gold, marking the first time investors can access this $1.2 trillion asset class.
Orders for the IPO exceeded the offering limit by 50%. Additional Diamond Standard Coins will be sold to market makers and brokers through a weekly dealer auction, and directly to investors at the price established by secondary market transactions. Diamond Standard does not set the price of the commodity.
“Diamond Standard’s mission is to benefit investors, by establishing diamonds, through innovation and standard-setting, as a liquid hard asset, like gold. Diamonds are finally a deliverable, fungible, and easily traded commodity, suitable for any investor portfolio,” said Cormac Kinney, Founder & CEO of Diamond Standard.
A Blockchain Breakthrough
Each Diamond Standard Coin contains the actual diamonds, and a wireless computer chip. This chip enables auditing and authentication, and stores a regulator-licensed blockchain token, so the Coin is very much like a physical Bitcoin. When the physical Coin is held by a custodian, the token can be instantly traded on global cryptocurrency exchanges. The owner of the token is the owner of the Coin, sitting in a vault and deliverable upon demand.
Following a successful mid-offering audit by Deloitte, Diamond Standard began purchasing approximately 50,000 diamonds through the Diamond Standard Exchange. Every diamond purchased by Diamond Standard, and the contents of every Coin, are made public on the blockchain, to prove the fairness of each Coin and authenticity of every diamond.
Diamonds are a holy grail sought by investors — an uncorrelated hard asset, more valuable than all the world’s silver, platinum and palladium combined. But until now, they have never been accessible to investors. This first-ever fungible diamond commodity allows market participants to “discover” a daily value, increase liquidity, and reduce transaction friction. Diamond liquidity will be further enhanced by forthcoming futures, options, and exchange traded products.
About Diamond Standard
Diamond Standard is the creator of the world’s first and only regulated 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 hard asset that can be transacted as a blockchain token, the diamond commodity provides 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.
SOURCE Diamond Standard
Related Links www.diamondstandard.co
Also from this source