This Blockchain Start-up will Kill the Diamond Industry

Where did that diamond you’re wearing come from? Odds are, you have no clue. Probably Africa. Did it fund a warlord’s bloody coup? Was it mined by a child? Are they “Diamonds from Sierra Leone?

kanyediamonds

Since large diamond deposits were found in Africa in the late 1800’s, the diamond industry has destroyed the environment, destabilized governments and enslaved parents and children.

childmining

But there is a solution. The Blockchain, the technology behind cryptocurriences like Bitcoin, runs a decentralized ledger- a database that is spread out all over the world. In the past, diamond production was controlled by one centralized company called De Beers. This is the same company featured in the Leonardo DiCaprio movie “Blood Diamond”

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Not only did cartels previously control all sales of new diamonds, but they also advertise heavily against reselling diamonds. “A diamond is forever” the ads say.  So diamonds wreck the environment, cause social upheaval, are price inflated, and can’t be resold. How does the blockchain solve these issues?

forever

A company called Ouroboros Token is currently issuing an ICO that is open to US participants, as well as worldwide. Token holders buy a spot in their “vault”, and deposit an amount of their choosing. The vault number is engraved on the jewelry of their choice, such as a factory manufactured diamond, moissanite, of an heirloom piece of family jewelry.

diamond_engraving

This means the jewelry is backed by real money, and not an idea like “a diamond is forever”. This keeps the traditional look and feel of diamonds, without all the negative results. Furthermore, it allows the large sum of money normally spent on a diamond engagement ring to be properly invested. New couples starting out have many expenses, and spending $6,000 (2017 average cost) on an environmentally dubious, humanitarian disaster, mined diamond is not an “investment” at all.

inside_engraved

Blockchain backed diamonds still have the beauty and tradition of mined diamonds without any moral or ethical issues.  The ICO is available to any participants- go to www.ouroborostoken.com and send ethereum to the address on the website. If you’re new to cryptocurriences, go to myetherwallet.com. Avoid the financial and moral pitfalls of mined diamonds, and step into the blockchain with ouroborostoken.com.

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