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In Analysis, Blockchain Technology, Interview

A Diamond Is Truly Forever, With Pure Diamond!

August 15, 2018 Be first to comment

A Diamond Is Truly Forever, With Pure Diamond! Pin It
Luxury diamond in tweezers closeup with dark background

Recently the IKIGUIDE team came across this very interesting ICO project by Pure Diamond Farm (Read the whitepaper here). This is an ICO project about lab-grown diamonds.

pure diamondBased in Singapore, Pure Diamond Farm has recently reached an agreement with Pure Diamond Lab Japan to manufacture and conduct research on lab-grown diamonds.

The project is interesting because the global demand for consumer diamond is huge. In 2017, the consumer demand for diamond jewellery worldwide hit an unprecedented all time high of US$82 billion, showcasing a 2% year-on-year increase. Japan is the world’s third largest market for diamond after USA and China, with a diamond market size of more than US$6 billion in 2016 alone.

Here is a handy infographic about the consumer demand for diamond jewellery in Japan alone:

 pure diamond  (Source: De Beers Group)

The Problem in the Diamond Industry

In spite of the global massive popularity of diamonds, there is still a huge problem in the diamond industry.

That is, how do you know if a diamond is of high quality?

pure diamond

According to Diamonds.net, the undisclosed mixing of synthetic diamonds is a huge concern to the industry and there is no good method to discover exactly what goes into each synthetic diamond.

In addition, there is an issue of “blood diamonds”: the selling of diamonds by rebels to fund military activities in war-zones. How can one be so sure that the diamond on your finger is not at the expense of the lives of millions of war victims?

The Solution: A Lab-Grown Diamond on Blockchain

A lab-grown diamond produced by Pure Diamond has the same substance as a natural diamond mined from the ground. The only difference is the production environment– a lab-grown diamond is created in the lab, whereas a mined diamond is created from nature. pure diamond

Here, it is essential for us to make a distinction amongst lab-grown diamonds and synthetic diamonds. A synthetic diamond by definition is the chemical result of the mixing of two or more compounds. In contrast, a lab-grown diamond by Pure Diamond is made purely out of carbon and therefore cannot be called a synthetic diamond.

Are lab-grown diamonds in any way inferior to mined diamonds? The answer is no, and they should also not be regarded as “fake” or “artificial” diamonds. Pure Diamond lab-grown diamonds are subjected to high quality control and therefore on par with the professional standards applied to mined diamonds.

As we put the lab-grown diamond on blockchain, we would be able to solve the supply chain problem of diamonds. Each lab-grown diamond by Pure Diamond Farm can be traced and publicly verified on the blockchain in a transparent and immutable manner. This solves the problem of “blood diamonds”, as the consumer can now be very sure where the diamond comes from.

Use Cases of Pure Diamond Coin

Because lab-grown diamonds are now placed on blockchain, Pure Diamond Farm is also doing an initial coin offering (ICO). The coin is named “Pure Diamond Coin” (PDC).

PDC has the following use cases:

  • A Verifiable Way to Track the Supply Chain of Your Lab-Grown Diamond

 

 

Because of blockchain technology, each diamond can now be tracked and traced in a transparent manner. Each lab-grown diamond will have a unique supply trail recorded publicly on the blockchain, which completely eliminates the risk of buying an imitation or synthetic diamond.

  • A Medium of Payment

Eventually as the popularity of PDC grows, it is the intention of the company for PDC to be used as a mode of payment in the real world as a utility token. This means that the company will work at mass adoption of the coin– to empower consumers to use PDC for purchasing and dining purposes as well. This aids the velocity of circulation of PDC and bodes well for its medium to long-term value.

  • A Store of Value

Last but not least, every PDC released is “backed” by a lab-grown diamond, since the intention of releasing PDC is to allow consumers to verify the supply trail of diamonds. This ensures the intrinsic value of PDC–which is important given the volatile nature of crypto-assets in terms of pricing.

Pure Diamond Coin’s Pre-Sale is Opening Soon!

Intrigued by the project yet? Well, the Pure Diamond Coin’s Pre-Sale is opening soon! Please refer to their website for more details.

Diamonds hold great significance to women especially, and we are looking forward to the revolution of the industry via blockchain technology!

 

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  • Had a lot of fun moderating the “Human x AI” panel, featuring panelists Atsushi Ishii (#couger), Scott (#singularitynet) and Patty (#oceanprotocol). “What makes us human?”— is a theme that is extremely intriguing indeed. It was a full house event—160+ people showed up. Im humbled and my heart is full, thank you 🙏 #blockchain #bitcoin #crypto #cryptocurrency #btc #eth #xrp #xlm #ai #artificialintelligence
    19 1
  • Throwback to “The United Conference of Internet Money” last November 2018! What a great programme lineup! #ikiguide #ucim #cryptocurrency #crypto #blockchain #bitcoin #btc #xlm #xrp #singapore #igsg #sgig #kryptoia
    22 1
  • Was a privilege to be invited as moderator and emcee at #huobisg yesterday! ❤️ We had a lot of fun networking with VC/ angel investors / crypto funds 😂 💡My panel was on institutions hedging risks through cryptocurrency against the existing system; 💡Leslie’s panel was on the future of wealth management with cryptocurrency.

Truly eventful and I love the discussion.💡 #huobi #singaporeBitcoinClub #ikemen #kryptoIA #ikiguide #bitcoin #eth #ethereum #btc #blockchain #crypto #cryptocurrency
    21 0
  • @ikiguide is happy to be the official blockchain media partner of globaltechnologychallenge @globaltechchallenge ! We are thrilled and excited to be covering National Blockchain Hackathon, the first project by Global Technology Challenge. Let’s design the future of work, one hackathon at a time! ✨💪 #hackathon #Dev #Igsg #sgig #sgdev #blockchain #crypto #bitcoin #ethereum
    20 0
  • With my #xinfin family! #hackathon #blockchain #bitcoin #ethereum #crypto #cryptocurrency #eth #btc
    27 1
  • Was an amazing day at #emtech2019!! #bitcoin #ai #artificialintelligence #singapore #blockchain #btc #ethereum #mit #mittechnology #eth #bitcoinfoundation #bubbles
    29 3

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  • Had a lot of fun moderating the “Human x AI” panel, featuring panelists Atsushi Ishii (#couger), Scott (#singularitynet) and Patty (#oceanprotocol). “What makes us human?”— is a theme that is extremely intriguing indeed. It was a full house event—160+ people showed up. Im humbled and my heart is full, thank you 🙏 #blockchain #bitcoin #crypto #cryptocurrency #btc #eth #xrp #xlm #ai #artificialintelligence
    19 1
  • Throwback to “The United Conference of Internet Money” last November 2018! What a great programme lineup! #ikiguide #ucim #cryptocurrency #crypto #blockchain #bitcoin #btc #xlm #xrp #singapore #igsg #sgig #kryptoia
    22 1
  • Was a privilege to be invited as moderator and emcee at #huobisg yesterday! ❤️ We had a lot of fun networking with VC/ angel investors / crypto funds 😂 💡My panel was on institutions hedging risks through cryptocurrency against the existing system; 💡Leslie’s panel was on the future of wealth management with cryptocurrency.

Truly eventful and I love the discussion.💡 #huobi #singaporeBitcoinClub #ikemen #kryptoIA #ikiguide #bitcoin #eth #ethereum #btc #blockchain #crypto #cryptocurrency
    21 0
  • @ikiguide is happy to be the official blockchain media partner of globaltechnologychallenge @globaltechchallenge ! We are thrilled and excited to be covering National Blockchain Hackathon, the first project by Global Technology Challenge. Let’s design the future of work, one hackathon at a time! ✨💪 #hackathon #Dev #Igsg #sgig #sgdev #blockchain #crypto #bitcoin #ethereum
    20 0
  • With my #xinfin family! #hackathon #blockchain #bitcoin #ethereum #crypto #cryptocurrency #eth #btc
    27 1
  • Was an amazing day at #emtech2019!! #bitcoin #ai #artificialintelligence #singapore #blockchain #btc #ethereum #mit #mittechnology #eth #bitcoinfoundation #bubbles
    29 3
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