The Carats.io startup and an online diamond trading platform International Diamond Exchange (IDEX) announced they have signed a memorandum of understanding (MOU).
Both companies will cooperate in the field of information analysis and the development of new financial mechanisms for both the diamond industry and the general public. The basis for this will be the Financial Diamond Index (DFX) and the CARAT.
IDEX will act as the third trusted party, supporting Carats.io in the diamond purchase transactions to maintain the CARAT digital coin, which the company produces. IDEX will purchase diamonds and engage in logistics services, from delivery stages to storage in safes.
WHY IS IT IMPORTANT?
Carats.io created the first digital currency, called CARAT, provided with these certified diamonds. According to the company's representatives, this provides not only a stable position of the precious stones themselves, but absolute liquidity of the cryptocurrency.
Carats.io is confident that cooperation with the exchange will allow the project to increase the efficiency of business operations.
Earlier, a Swiss luxury goods company Richemont, which also includes the Cartier brand, will soon implement blockchain to improve its supply chain. The diamond industry remains one of the most attractive for criminal minds. Companies still face the dangers of theft and fraud during the transportation of valuable goods. Richemont hopes that the blockchain technology will help to reduce such risks, by using blockchain to trace the origins of precious stones or gold to specific mines and recycling facilities.