Precious Investments, Inc. launched the sale of PinkCoin, the world’s first digital coinage backed by pink and other colored diamonds on January 19. The colored diamond-backed cryptocurrency is available as PinkCoin tokens which can be redeemed for either Bitcoins or for colored diamonds at current value. PinkCoin founders claim the pink and colored diamond asset class has not lost value since 1959 when its tracking started, making it an excellent investment and a stable commodity for PinkCoin.
Backed by US$5 Million worth of colored and pink diamonds, Precious Investments, Inc. parent company of BitGems Asset Management, LTD, launched a crowdsale of 5 Million PinkCoins. The current price is US$1 each. After the diamonds were appraised, certified, and insured, they were placed in escrow at 21 Dundas Square, one of the most secure buildings in the heart of the wholesale jewelry district in Toronto.
Savvy investors know that that limited supply and high demand equal high profits. Pink diamonds and other fancy grade diamonds are known as an alternative investment that is scarce with supplies in limited quantities. Dr. Nataliya Hearn, CEO of Precious Investments said that as an asset class, they have appreciated consistently at more than 10 percent annually. Hearn also said that the rare colored diamond commodity is the only asset class that has not gone down in value even once since 1959 when its tracking began. He expects that fact alone to draw attention to PinkCoin as a valid cryptocurrency in the precious gem marketplace.
Pink Diamonds 10 Year Prices Surge 315 Percent
According to Knight Frank’s report last year using data from the Fancy Color Research Foundation, pink diamonds surged 315 percent in the 10 years ending June 30, 2015. Blue diamonds increased 154 percent in the same period and yellow diamonds jumped 50 percent. The colored diamonds pool used to value PinkCoin will be appraised regularly.
“PinkCoin is the only cryptocurrency of its kind that is backed by a portfolio of rare color diamonds,” said Nataliya Hearn, CEO of PNIK. He said people are reluctant to trust traditional investments and currencies anymore. They want to invest in true wealth, and according to Hearn, colored diamonds are the highest concentrated form of wealth on the planet.
Hearn went on to say that worldwide production of fancy colored diamonds is only .001% of all natural diamonds available. Ninety percent of the pink diamonds unearthed around the world are from the Argyle mine in Australia owned by Rio Tinto. It is well publicized that the Argyle mine will close in 2020 ending the supply of new pink diamonds from this source. Hearn said that this looming end to supply will impact prices substantially.
Hearn states that natural fancy colored diamonds have out-produced all other commodities and indices with an impressive average of 12% annual returns since first being tracked in 1959. Most notably, they have even risen in value during the financial crisis, like that of 2008
PinkCoins can be purchased at the virtual currency exchange https://www.coinsquare.io/, under the ticker symbol PINK and can be traded for all other currencies supported by Coinsquare (Bitcoin, ETH, even CAD and USD-wire only). In the second quarter of 2016, investors holding the currency are expected to be able to trade it at the BitGem Decentralized Marketplace for other assets and tokens.
Check back next week to read part two of our cryptocurrency series.
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