The Singapore Stock Exchange is now trading Diamonds

Economy Nilgun Salim
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For the first time in history, diamonds become trading instruments on the Stock Exchange, becoming the main rival of gold.

The innovation was launched in Singapore, one of the world’s largest diamond markets.

Diamonds are stored in credit card size boxes, including a chip that allows the immediate evaluation of the pricey stones based on the transactions conducted on the stock market.

“It’s the first time in history when an investment product is made out of diamond, as this tangible physical product. This ingot of diamond can be read entirely through an application and has a price which is shown on spot because it is listed on a Singapore-regulated market”, revealed Alain Vanderborre, president of the Singapore Stock Exchange.

The initiators of the project through which diamonds become trading tools will transform these into a safe alternative to gold and money.

The objective of this initiative is that diamond lovers will know from now on what the real prices are.

“These products will be mainly distributed by private banks. We have analyzed the market. The entry price for diamond ingots is nearly $100,000. Thus, we will issue diamond bangles with different denominations, we will start at $100,000 and we will go up a bit, and we will descend when the market is ready”, added Vanderborre.

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.