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The innovative Singaporean based Pure Diamond Blockchain Project is founded with the aim to distribute Japanese laboratory (lab)-grown diamonds worldwide. At the core of the Pure Diamond Blockchain Project is the cryptocurrency Pure Diamond Coin (PDC).
PDC is a cryptocurrency that is ‘pegged’ or ‘linked’ with the generation of lab-grown diamonds. This association of PDC and a collateral ensures that the value of the token is more stable and less likely to face large fluctuations. Overtime as more lab-grown diamonds are cultivated, the value of the token is expected to steadily increase. For instance, in its first year if 100 lab-grown diamonds are cultivated then one token would be valued at 100 lab-grown diamonds. In its second year 200 lab-grown diamonds are cultivated, so the valuation of the PDC token would be 200 lab-grown diamonds.
The concern for most consumers is that due to the value of PDC being determined by its lab- grown diamond counterpart, what will happen under the circumstance that consumers do not accept and purchase lab-grown diamonds. This worry can be easily negated by existing evidence where in the U.S. market, lab-grown diamonds are sold for approximately 50% of naturally occurring diamonds, there is an existing market and existing consumers for these diamonds. Moreover as we will explore below, lab-grown diamonds possess comparably favorable properties and ethical qualities than natural diamonds, allowing lab-grown diamonds to be more easily accepted by the general public.
The Producer of Pure Diamond Lab Co. Ltd. Mr. Hideyuki Abe estimates that around 98% of all natural diamonds contain impurities (mainly nitrogen) during the natural process of production.
Lab-grown diamonds are cultivated in a controlled environment meaning that they are completely free from any impurities rendering them ‘flawless’. Lab-grown diamonds are optically superior to most natural diamonds, as the flawless nature of lab-grown diamonds is extremely difficult to surpass. Lab-grown diamonds are also certified by the Gemological Institute of America (GIA), recognizing that they are indeed diamonds in its own category, which means when you the end consumer receives their GIA Certificate, it will be clearly labelled as lab-grown diamonds.
As aforementioned, lab-grown diamonds are currently sold in the United States at 50% the price of natural diamonds, essentially this means that at the same cost, lab-grown diamonds can fetch for twice many carats. This lower cost is only made possible due to the cost-efficiency of cultivating diamonds inside a lab, thus opening up the market and making diamonds more affordable to many consumers.
Lab-grown diamonds that are part of the Pure Diamond Blockchain Project can be cultivated in a wide spectrum of colors. Even the rare ‘Hancock’ red diamonds and blue diamonds which usually fetch for a couple of million USD can now be purchased by the regular consumer. Moreover, Pure Diamond Lab Co. Ltd. are able to cultivate ‘rainbow diamonds’, diamonds that possess a multitude of different colors; one which does not occur naturally.
As evidenced above, lab-grown diamonds exhibit incredible features that make it more accessible and exciting for consumers. This does not mean however, that the natural diamonds will be completely removed from the market, nor is it the goal of Pure Diamond Blockchain to make it so. However the presence of lab-grown diamonds will undoubtedly increase over time and the Pure Diamond Blockchain Project is aiming to distribute these worldwide. Pure Diamond Coin’s ultimate goal is to exclusively distribute lab-grown diamonds and make them readily available for consumers across the globe. The Pure Diamond Blockchain Project is indeed something exciting to keep a look out for in the coming weeks!
If you are interested be sure to check out the Pure Diamond Coin ICO website in the link below: https://purediamond-ico.com/
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