It is an interesting product have, but in the end you still have to rely on the banking system, which is something that crypto to some degree is meant to avoid. What are the escrow fees banks charge for storing the diamonds?
That's why we are starting business in Switzerland, where FINMA somehow regulates the crypto and the transactions.
Yes, there are some problems with Diamonds. Banks don't like them, cause it takes time to evaluate them correctly. The scale of Rapaport is big enough so the escrow fees differ. For small stones we pay, for bigger stones some banks ready to pay themselves to us, if stones are extraordinally or they are interested in them to enhance their portfolio. That's why we are mixing diamonds with gold, cause banks like gold very much.
For the first steps Gold will be stored in Swiss banks (UBS and Credit Suisse), diamonds will be at Santander and JP Morgan. They are more interested in storing diamonds in their vaults. At the next steps Swiss banks will be ready to go with diamonds, when Gold & Diamonds SA (New company for GID Coin) will get good profile with gold.