Diamonds & digital assets

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May 23, 2018 14:44
3 minute read.
Diamond

Diamond. (photo credit: INGIMAGE)

Since the dawn of time, diamonds have exerted an incredible fascination on human beings. The name derives from the ancient Greek word adámas , which means “proper, unalterable, unbreakable, untamed.” The discovery in the 19th century of massive diamond reserves in Africa, along with improvements in cutting and polishing techniques, made these solid carbon crystals synonymous with value, much in the same way gold was reserved for alchemists in the Middle Ages but became money once massive reserves were found in America.

Because the massive influx of diamonds came centuries after the influx of gold, the diamond industry developed more sophisticated ways to profit from this natural resource. Instead of stor ing diamonds in the vaults of national banks, the diamond industry came up with a utility for its product: jewelry – and private vaults – kept surplus stones away from the market.

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