August 23, 2018
The global jewellery industry has its eyes on a new Japanese innovation – lab-grown diamonds which are chemically, physically and optically identical to natural diamonds.
Pure Diamond Lab, a Tokyo-based company, is able to cultivate diamonds which have identical qualities of natural-occurring ones and therefore qualify to be certified by the GIA (Gemological Institution of America). These diamonds are grown in a controlled environment of the company’s laboratories using pure carbon material, giving birth to a breed of ‘flawless’ lab-grown diamonds which exhibit optical properties superior to natural ones.
Diamonds can be cultivated in a wide spectrum of colours including ones that do not occur naturally, which could instantly overturn the market of, for example, extremely rare red and blue diamonds. De Beers Jewelry, a jewellery maker with approximately 30% share in the global diamond market, has already recognised this technology and incorporated lab-grown diamonds into their latest collections.
A major distinguishing factor that sets apart Pure Diamond Co. Ltd. from their competitors is their development of a blockchain technology for the diamond market. Information on cultivation, refinement and appraisal of lab-grown diamond is collected and digitalised, creating a profile that is available to the end consumer, thus increasing transparency and enhancing the retail experience. It just so happens that the CTO of the Pure Diamond Blockchain project, Mr. Junma Kawasaki is the famous ’White Hat’ hacker that solved Coincheck’s 500 million NEM hack in January. Mr. Kawasaki believes that the Pure Diamond Blockchain development project is “the correct way to use blockchains,” and Pure Diamond Lab’s producer Mr. Hideyuki Abe adds the technology “gives every diamond a story.”
Lab-grown diamonds such as those cultivated by Pure Diamond Lab are also reshaping the global diamond industry to become more sustainable and ethical. Cultivating diamonds in a laboratory environment relieves the pressure of demand on diamond mines, which is a threat to the environment. Moreover, Pure Diamond Blockchain technology helps prevent the distribution of so-called ‘blood diamonds,’ i.e. diamonds mined in war zones and sold to finance further conflicts.
To expand the lab-grown diamond project, the company plans to use the ICO of Pure Diamond Coin (PDC), a cryptocurrency secured by Pure Diamond Farm Singapore to fund equipment and R&D, reportedly investing two thirds of the hard cap valued at 200 million USD. Furthermore, the company is currently in the final stages of intellectual property registration, which is expected to further strengthen their foothold in the lab-grown diamond industry. The aim is to change the future of the diamond industry step by step, which makes the Pure Diamond Blockchain project an exciting one to watch out for.