A pioneering software entrepreneur believes his nearly five-year-old blockchain company has found a way to open the $1.2 trillion diamond market to a wider group of investors.
Cormac Kinney sees Diamond Standard as a way to remove the major obstacles from owning and investing in the precious stones. Diamond Standard’s patented technology is designed to create a more transparent system allowing investors to track supply chains and subsequent ownership of the world’s ultimate bling more easily and efficiently.
Kinney noted in an interview with CoinDesk that the diamond market is “bigger than almost all other precious metals combined, except gold.” That diamonds are uncorrelated to gold, stocks or bonds also provides investors with a hedge.
“Blockchain was the last technology that we needed to turn diamonds into a commodity and unlock this new asset as a hedge, as a store of wealth, as a speculative investment and, ultimately, as a digital currency asset,” Kinney said.
Despite diamonds...
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