‘Diamonds are forever’, the famous De Beers Jewellers tagline that has stuck with us for over half a century. Although the global diamond market had developed rapidly since it’s discovery, it has recently been inhibited by environmental, conflict and ethical issues, as well as the decreasing volume of diamonds successfully mined. In a market worth $80 billion USD, a solution must be reached to resolve these ongoing issues plaguing the market.
Pure Diamond is a Japanese company that is pioneering future of diamonds, making steps to ensure the continued existence of these incredible gemstones. Pure Diamond Lab. Co. Ltd. is the first Japanese company to create lab-grown diamonds, that have the same chemical, physical and optical properties of a naturally occurring one. 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 creates a tokenomy for holders to purchase a lab-grown diamonds on the Pure Diamond Network and can be used for settlement, with market prices decided by secondary markets. PDC’s token is ‘pegged’ or ‘linked’ with the generation of lab-grown diamonds. The importance of attributing the value of PDC to a collateral is associated with the nature of the cryptocurrency’s economy, by distributing tokens in relation to the value of ‘real assets’ PDC minimises the risk of heavy price fluctuations and presents investors with a more predictable forecast of the tokens future value. In it’s simplest form, the implication is that the value of PDC will not devaluate unless the global price of diamonds declines.
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.
Are Pure Diamond (Lab-Grown Diamonds) Synthetic/Imitation Diamonds?
In order for PDC’s token value to remain consistently stable, the validity of the aforementioned real-asset Pure Diamond is mandatory to PDC’s success. Naturally occurring diamonds are formed when a rare set of conditions coincide, Pure Diamond’s laboratory utilises cutting edge technology to recreate those conditions in an accelerated form, cultivating diamonds from pure carbon resulting in lab-grown diamonds that share the same chemical, physical and optical properties as naturally occurring ones.
Pure Diamond can be certified by the GIA rendering it the same as natural diamonds, only better. The Producer of Pure Diamond Lab Co. Mr. Hideyuki Abe estimates that 98% of the real diamonds in circulation around the world are flawed, and under pristine lab controlled conditions, Pure Diamond is able to manufacture diamonds that are completely flawless.
Lab Grown Diamonds Resolves Conflict and Labour Issues
In developing countries such as the Democratic Republic of Congo (DRC), diamonds are mined during a time of conflict, and it plagues the industry with ‘blood diamonds’ as the global demand puts pressure on countries such as DRC to produce more. ‘Blood Diamonds’ are used to procure enormous wealth to fund the ongoing conflicts in the warring states. Often miners which include women and children are forced to mine under extremely dangerous circumstances in mines.
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