Israel Exchange Creates Diamond-Backed Cryptocurrency

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The Israel Diamond Exchange (IDE) has teamed with Carats.io to launch a new cryptocurrency backed by diamonds.

Dubbed CDC (CARATS.IO Diamond Currency), the new cryptocurrency will be based solely on investments in diamonds purchased at the Israel Diamond Exchange. Trading will be based on an index that reflects activity within the Israeli Diamond Industry.

IDE President Yoram Dvash said that for the past several years there have been many attempts to turn diamonds into a viable financial instrument, but none have succeeded.

“We believe in order to achieve this it is essential to bring in parties from outside the diamond world, as part of the Innovation Center which we have established in the Diamond Exchange,” said Dvash. “Bringing new investors to the diamond sector in Israel is important for the local industry and for the country. We intend to make use of the incredible expertise that Israel’s high tech industry offers.”

CARATS.IO stated that the diamond industry can be an attractive investment channel for the many investors in digital currencies. The company added that the new currency is unique as it will be backed by investments in diamonds, which have steadily appreciated over time.

“There is a large community of investors in digital currencies throughout the world,” said CARATS.IO. “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.”

Israel Diamond Exchange, located in Ramat Gan, near Tel Aviv, Israel, is the world’s largest diamond exchange. The exchange is a private company that incorporates about 2800 diamantaires members, which are engaged in diamond trading, cutting, marketing, brokerage, import and export.