The IGI labs are to start assembling the world’s first diamond coins, which are to be traded as a commodity.
Their task will be to inspect and authenticate over 50,000 natural diamonds, seal them into transparent coins, each of exactly the same value.
The International Gemological Institute (IGI) is partnering with the US-based Diamond Standard, which launched a $25m IPO last month.
Each coin will typically contain eight to 10 stones with a combined weight of three to four carats, and each with an initial value of $5,000. They will also contain a wireless blockchain token for trading purposes.
All subsequent coins will replicate the exact geological scarcity of the initial, though the dollar value will fluctuate with demand.
“This partnership is a monumental step forward for the diamond industry,” said Avi Levy, president of IGI North America. “We are delighted to collaborate with Diamond Standard.”