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Bitcoin frenzy spreads to the diamond industry

Bitcoin frenzy

TL;DR Breakdown

  • Bitcoin frenzy spreads, crypto now used to pay for diamond.
  • Your diamond engages AusMerchant to process Bitcoin payment.
  • Beyond Diamond, altcoins used to pay for other precious stones.

The continued Bitcoin frenzy has broken bound again, this time being used to make payment during auctions of diamonds and other precious stones.

An Australian technology start-up, Your diamonds, has announced that it will accept bitcoin at its second auction/tender of fancy pink diamonds originating from the recently closed Argyle diamond mine.

Your diamonds (YD) is the brainchild of Tim Goodman, former Executive Chairman of Sotheby’s Australia. The YD Non-Exec Chairman, Jim Fernandez, is the former Senior Vice President of Tiffany & Co in New York.

In July, YD sold a 2.00-carat fancy pink diamond for A$2.2 million in its first public tender, a new world auction record.

Story behind diamond industry’s Bitcoin frenzy

“Following the extraordinary results at our first tender, we have gathered the largest collection of Australian pink diamonds ever to appear on the secondary market,” Tim Goodman said in Sydney.

“We were approached by a potential buyer asking if we would take bitcoin. This was a mystery to us until we found another Aussie start-up, AuSmerchant “

Your diamond has engaged AuSmerchant to enable receipt of bitcoin at the tender with the ability to convert coin to cash immediately. “It’s just like our traditional merchant facility. It is surprisingly simple,” Goodman added.

“The backend office accounting system AusMerchant provides to Your Diamonds enables concise accounting of all transactions to reconcile with an Australian cost basis.”

Ending on 06 December, the YD auction/tender is open to both the public and the diamond trade. It consists of 53 pink, blue and red diamonds consigned for sale by fifteen private sellers, including self-managed super funds, estates, collectors, and investors.

Every lot carries a pre-tender estimate and is available for public viewing at a traveling roadshow in Australian capital cities.
Some of the star lots have been consigned by seventy-two-year-old David Burger, who was the Chief Diamond Polisher at the Argyle diamond mine for 30 years before his retirement in 2015.

Bitcoin frenzy amidst ETH boom and NFTs

Not only Bitcoin is being used to auction precious stones as it is, Sotheby’s announced last week that it would accept bids in Ether (ETH) in the wake of receiving cryptocurrency for payment of US$10.3million for the sale of a 100-carat diamond.
Christie’s recently sold non-fungible tokens (NFT) for funky new digital art for staggering prices shocking the art establishment.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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