Al Kasir Group launches diamond trading on blockchain
Wednesday, 16 May 2018
Dr. Amit Lakhanpal, director of the Al Kasir Group and Sheikh Ahmed Bin Obaid Al Maktoum announcing the new joint venture.
At a recent press conference held in Dubai, Al Kasir Group officially announced the launch of its latest joint venture project which allows for diamond trading by using blockchain technology. The new venture is the first of its kind and is a collaboration between Al Kasir Group and a member of the Royal Dubai family, Sheikh Ahmed Bin Obaid Al Maktoum.
At the press conference the founder Dr. Amit Lakhanpal, director of the Al Kasir Group said, “blockchain technology is increasingly popular amongst individuals, financial institutions and governments. Being backed by a real-world Asset, the three Blockchain-assets, Al Mas, Al Haqeek and Al Falah are better capable to store and translate value due to a base measure or gauge around which their value revolves.”
He explained that “diamonds are an ideal asset backing for blockchain-assets since they are rare, take a billion years to develop, have several millennia of history as a recognized store of value, and are small and therefore easily stored and transported”. “The three Blockchain-assets are designed to seamlessly address the need of security, combining the convenience of digital currencies by being utilized as Blockchain-assets with the stability of traditional assets.”
The group further announced that anyone interested in purchasing the new assets can choose from different packages, ranging from a minimum of USD250 up to 250,000, whereby the buyer receives physical possession of the certified diamonds.
Vikram Bangera Director of sales and marketing at Al Kasir Portal’s, said “if you buy $500,000 or whatever price worth of diamonds, we will have the physical diamonds delivered at your place along with the insurance.”
“Now, along with the diamond delivery, we are also giving you a blockchain (online) wallet which is going to hold your tokens. Say, for instance you bought $500 worth of diamonds, you are getting $500 worth of blockchain assets, these can later be used to buy new diamonds or other products on the portal”. He added “we do not trade in cryptocurrency as they have no asset backed value, are volatile and are made up of thin air.”
Globally, cryptocurrency trading remains mostly unregulated and several banks in the United States and United Kingdom have announced plans to ban the use of credit cards in cryptocurrency-related transactions.
The company have ambitious plans, they plan to open 1,000 stores across the world in all major markets including South-East Asia, Europe, the UK and the Gulf region.