The Israel Diamond Exchange (IDE) will unveil several ‘groundbreaking’ initiatives expected to impact the international diamond industry at its 7th annual trade show in February.
This year’s International Diamond Week in Israel (IDWI) will be used as a platform to launch two digital currencies.
Backed by diamonds purchased on the Israel Diamond Exchange, the cryptocurrencies have been developed for different aspects of the market by startup business Carats.IO.
One coin, called CUT (Carat Utility Token), is used in B2B transactions between eligible diamond traders, eliminating the need for financial organisations.
Read the full article by Alex Eugene at Jeweller Magazine.