Diamond-backed token company Carats.io recently launched its Get Diamond Index, which the start-up claims in the first official diamond market index of its kind. Simply put, the Get Diamond Index offers a secondary market for diamonds, which combines the stability of the precious stones with the liquidity of cryptocurrency. This essentially tokenizes the diamond market and uses the value of diamonds on the market to determine the price of the Carat token.
According to Carats' co-founder and CEO Avishai Shoushan, "Through blockchain technology, we can... create a financial instrument for the diamond world that is scalable and effective." Use of the blockchain also allows for transactions of diamonds to go through without the use of a middleman, lowering fees and any other possible entry barriers. The Get Diamond Index also provides a data-driven benchmark of any diamond's specific price point.
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