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Israel Eyes Diamond-Backed Currency

Coinage based on index reflecting activity in the bourse.
Sep 10, 2017 6:46 AM   By Rapaport News
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RAPAPORT... The Israel Diamond Exchange (IDE) has collaborated with startup company CARATS.IO to launch a diamond-backed digital currency.

Trading in “CARATS.IO Diamond Currency,” or CDC, will be based on an index that reflects activity in the IDE, the Israel Diamond Industry said in a statement last week. The currency will be based entirely on investments in diamonds purchased at the bourse.

The IDE chose to support the venture as a way of boosting trading in the bourse, it said.

“For the past several years there have been many attempts to turn diamonds into a viable financial instrument, but none has succeeded,” said IDE president Yoram Dvash, adding that bringing in parties from outside the diamond sector was essential for achieving this.

One advantage of this currency over other digital currencies is that investments in diamonds have steadily gained value over time, making the coinage an attractive prospect for potential backers, CARATS.IO explained.

“There is a large community of investors in digital currencies throughout the world,” the company said. “By backing this currency with diamonds we are significantly decreasing the speculative level of the investment. Our cooperation with the Israel Diamond Exchange is an important step in making this currency a reality.”
Tags: CARATS.IO, currency, diamonds, Israel Diamond Exchange, Rapaport News, Yoram Dvash
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