Diamonds are one of the most expensive gemstones in the world. Formed from the same coal we use to warm our homes, millions of years of heat and pressure underground moulds them into the crystal we see today. Diamonds have multiple uses, traditionally symbolizing one’s commitment to another in marriage, and in modern times as an ultra-hard cutting edge of a scalpel.
There was a time when the diamond industry was controlled by one name; DeBeers. Back when diamonds were first discovered in Africa in the late 1800’s, Cecil Rhodes made it his mission to purchase as many diamond claims as possible, which also included a farm owned by the DeBeers family. He eventually became known as the diamond supplier for the world and created De Beers Consolidated Mines Limited.
The world’s first commodity exchange for physically settled diamonds, the Singapore Diamond Investment Exchange, has announced that it will be using Blockchain technology for diamond authentication, data archiving, and trading.