The crowdsale of PinkCoin, a cryptocurrency built on Ethereum's Smart Contract, has started. The digital currency is backed by certified fancy coloured diamonds, most of them pink, equalling $5,000,000. The crowdsale will include 5,000,000 coins, $1 each.

The diamonds are insured by Lloyd's of London and stored in a private vault at 21 Dundas Square in Toronto, Canada. According to the official information, “coloured diamonds have outperformed all major stock indices over the last 18 years,” increasing in value between 10% and 15% every year.

PinkCoin was developed by BitGem Asset Management Ltd (BAM) and its parent company, Precious Investments Inc.

PinkCoins are available for purchase on the Coinsquare virtual currency exchange. Later they will be available on the PinkCoin Portal.

“Coloured diamonds are the rarest commodity in the world and quite simply the world’s most concentrated form of wealth; it is expected that this trend will continue. The current global yield of coloured diamonds mined per year will slow down… while demand from the jewellery industry keeps rising. Pink and other fancy grade coloured diamonds… are the only commodity that has not decreased in price since they began being tracked in 1959. This will only enhance the validity of PinkCoins in the market place,”  Dr Nataliya Hearn, CEO of Precious Investments Inc., says.

President of Precious Investments Inc. Kashif Khan hopes that BitGems decentralised platform will become a leading marketplace for online trading of diamonds. The marketplace is expected to launch in the second quarter of 2016.

Maria Rudina