THEY say diamonds are a girl's best friend, well these friends may soon be traded.
The industry says diamonds are the world's most concentrated form of wealth, but investors have long viewed them as less useful as a store of value than gold because each stone is different, making its value subjective and trading hard.
For the first time in history, diamonds become trading instruments on the Stock Exchange, becoming the main rival of gold..
Issued by the Singapore Diamond Mint Company, Dimond Bullion is a portable, credit card-sized package of investment-grade polished diamonds sourced at wholesale prices on SDIX and issued in standard denominations of about $100,000 and $200,000 each.
As Singapore Diamond Mint Company chairman Francis Yeoh put it, Diamond Bullion is created to be the "Gold Bullion" for diamonds, "an investment that can be passed on to future generations for years to come".
Alain Vandenborre, Founder and Executive Chairman of SDiX, and Director of SDM added, "The unique inscription that IIDGR places on every diamond inside the Diamond Bullion allows all of the diamonds to be tracked and verified, providing investors with the highest level of confidence in this revolutionary new diamond investment product".
A "proprietary unique inscription technology", provided by the International Institute for Diamond Grading and Research (IIDGR) of the De Beers Group - the London-based diamond mining and marketing giant - is also incorporated into the Diamond Bullion, SDM said in a statement unveiling the product today.
Yeoh called diamonds the most concentrated form of wealth on earth.
The optical signature recognition system and serial number "enable the instant authentication of the product, using a secure mobile app", according to the company.
The initiators of the project through which diamonds become trading tools will transform these into a safe alternative to gold and money.
In order for stockbrokers to find out details about of the authenticity of the bullion, all stones come with a mark from the world's largest diamond maker.