24 Oct 2018
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KGK Diamonds Backs Cryptocurrency Coins
D1 Mint signed a US$20 million purchase agreement with KGK to Purchase 1,500 Investment Grade Diamonds from ALROSA and KGK
By: Diamond World News Service
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Jun 9 2018 10:58AM
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Reference: 16425  

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D1 Mint Limited, the Singapore-based company that has launched the D1 Coin, a diamond-backed crypto asset, has signed a US$ 20 million purchase agreement to source 1,500 investment-grade diamonds from KGK Diamonds. The rough diamonds for this transaction are sourced from ALROSA, the Company said, and are cut and polished by KGK.

The D1 coin or token is reported to have been created using blockchain technology.

Founder-director of D1,Hogi Hyun described the agreement as a huge step forward for the Company.With the new purchase, D1 Mint will create a reserve of GIA-certified diamonds stored in tamper proof packaging in safe vaults in Switzerland and Singapore.These will provide backing for its digital tokens. Each D1 Coin will be valued at the time of redemption based on a proprietary pricing algorithm, the D1 Matrix.

Alexei Chekunkov, Member of the Board, ALROSA and aD1 Advisory Committee member said that companies like D1 will help natural diamonds emerge as an attractive investment asset class for various investor groups, thus further driving growth of the industry.

With D1 coins and pricing algorithm, crypto investors will be able to redeem their tokens for selected diamonds from the diamond reserve at any time. This approach will attract investors worldwide to put their money in diamond, leading to higher demand and overall growth of the global diamond industry.

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