German exchange bitcoin.de launches diamond store

Tuesday 09 February 2016

Bitstamp has just started selling physical gold, but their German counterparts just had to go one better.

With the rapid pace of technological progress you would think it would be a simple matter to take a few billion carbon atoms and compress them together into a crystal, such that each one links to exactly four other atoms. Despite advances in synthetic gemstones, though, it’s still not that easy; the best way to achieve this feat of chemical geometry is still to bury a lump of coal several hundred kilometres deep in the earth, and cook it for a few million years and then dig it up. If you’re lucky, you’ll have a diamond.

Read also: Bitstamp offers gold

Diamond

Diamonds are expensive and really sparkly

Consequently, diamonds are scarce - a property they share with bitcoins, along with their innate mathematical beauty. If you prefer your beauty to take tangible form, you can now use your bitcoins to buy diamonds on Bitcoin.de - Europe's largest peer-to-peer bitcoin market. The bitcoin exchange is possibly the first platform on which customers can spend their bitcoins on diamonds. They already started selling gold two years ago, so they’re ahead of the curve here.

It’s interesting that bitcoin is carving out a niche as a way of buying other stores of value of the sparkly and shiny nature. Unlike Bitstamp’s gold store, though, I’m not even tempted to look into buying a diamond - that is way beyond my pay grade. Bitcoin.de has partnered with diamond sellers Lieblingskapital to offer 1/3, 1/2, 3/4 and 1 carat diamonds, and as many as five different colours. (Clarity and cut – the most important of the so-called 4 Cs – are maintained to be of the highest quality.) My German’s not up to much but a perusal of the site suggests that a Drittelkaräter is going to set you back a minimum of €800+.

All diamonds bought from the company are delivered with a GIA certificate. Lieblingskapital attests the diamonds’ provenance meets legal requirements and that their sale doesn’t finance wars and conflicts. The diamonds match the high ethical standards of the company and are in line with the ‘Kimberly Process.’ Incidentally, blockchain tech like Everledger is being used to track diamond provenance and keep conflict stones off the markets.

At first diamonds will only be delivered to German customers, but the service will later expand to the rest of Europe. Delivery usually takes ten days, and delivery costs are in proportion to the value of the goods.


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