Big Data for Diamond Industry: Carats.io Creates Crypto Representing Gemstones, Launches ICO

Carats.io is a newly launched big data for diamonds platform that is also launching a cryptocurrency.  The diamond industry today is a highly obfuscated market that includes questionable pricing that is difficult to decipher. Carats says it is introducing an algorithm that will compare daily market conditions matched to diamond grade and thus achieve the “elusive goal of objective and consistent pricing.”

Carats says its “Diamond Pricing Algorithm” (DPA) will price three million diamonds, all valued over one billion USD.

This digitization of diamonds will allow the creation of a consumer cryptocurrency, the CARAT Token. Backed by a private digitized reserve of these collective dealers, the CARAT Token expects to represent real diamonds in a transparent and accountable way.

 

No More Price Anxiety?

Carats has created the “Get Diamond Index” (GDX) a first diamond market index of its kind, powering the Israel Diamond Exchange. Carats says it will offer the first-ever viable secondary market for diamond commerce, combining the stability of diamonds with the liquidity of cryptocurrency.

The company explains that the Carats.io system runs on:

  • Commoditization: Diamond prices within the Carats.io platform are linked to the diamond market using the Diamond Pricing Algorithm, which uses the same technology running the Get Diamond Index.
  • Tokenization: Carats.io developed digital tokens that represent the polished diamond industry, rather than trading the stones themselves. These digital tokens are transferred upon contract fulfillment, eliminating the geographic or temporal limitations of diamond industry.
  • Standardization: Carats.io self-learning DPA assesses 14 unique parameters, comparing all meritorious aspects of a diamond’s grading against current market conditions to output a fair and objective price value. The Carats.io algorithm incorporates continuous and constant validation, revealing the true market value of any diamond.

Carats.io reports that it is in the midst of a pre-sale of its public token, several weeks before its original date as a result of a large demand and the significant progress achieved by the regulatory agencies.

Carats.io states that is has doubled its backup percentage of diamonds to 50% of the value of tokens issued. The backup percentage is said to be being audited by international accounting firm Ernst &  Young.

“Carats.io has tokenized the world’s most precious commodity – diamonds. We have allowed financial and crypto markets exposure for the first time to the untouched diamonds market, trading diamond value in a safe and transparent way,” says Avishai Shoushan, CEO of Carats.io. “The CARAT will be the world’s most trusted token. To emphasize this, we are offering complete liquidity, enabling full exchange of CARAT tokens for equally valued diamonds and cash equivalents.”

Israel Diamond Exchange President Yoram Dvash believes that by partnering with Carats.io they are taking the industry to a new level;

“This is vitally important for the diamond sector in Israel and the world over. We are proud to play a pivotal role in heralding the next era of diamond trading.”


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