Icecap Launches Blockchain-Based Diamond Exchange

Icecap, a platform that enables the tokenization of diamonds on the Ethereum blockchain. has “today announced the launch of its bid/ask trading marketplace targeting diamond investors,” according to a press release from the group.

The platform utilizes ERC721 as its token standard, which can be trading on marketplaces like OpenSea.io, the release notes.

Jacques Voorhees, the founder and CEO of Icecap, commented on the matter:

“We believe there is currently a $10 billion potential market opportunity for investors to diversify into diamond assets, a market that until now has largely been untapped. Until now, the diamond industry has been structured as a one-way flow of diamonds from mine to consumer.  But a diamond investor needs to sell as well as buy, and today that means buying at retail and selling at below wholesale, to a dealer, retailer, auction house, or perhaps even to a pawnshop.  In that scenario an investor might lose fifty percent or more of the purchase price of the stone.  That dynamic is what has made diamonds to date untenable for asset diversification.”

Thanks to this new token, the platform can tokenize diamonds much easier and offer them up for trade on the OpenSea platform, among other spaces, the release also states.