Original article found on nasdaq.com
Precious Investments Inc. (Pink Sheets:PNIK) announced today that their wholly owned subsidiary, BitGems Asset Management, LTD (BVI), has successfully launched the crowdsale sale of 5 Million PinkCoins at US$1 per coin backed by a portfolio of US$5 Million of colored diamonds. PinkCoins are now available at the virtual currency exchange http://www.coinsquare.io/, under the ticker symbol PINK and can be traded for all other’s currencies supported by Coinsquare (Bitcoin, ETH, even CAD and USD-wire only).
“PinkCoin is the only cryptocurrency of its kind that is backed by a portfolio of rare color diamonds,” said Nataliya Hearn, CEO of PNIK. “We have seen a decade of constant volatility and economic surprises. People aren’t trusting currencies and conventional investments anymore and want to invest in true wealth. Colored diamonds are the highest concentrated form of wealth on the planet.”
Nataliya Hearn continued to say: “Only .001% of total diamond production is natural fancy colored diamonds. Ninety percent (90%) of the world’s pink diamond supply comes from one mine in the world, the Argyle mine, owned by Rio Tinto. That mine is scheduled to close in 2020 which will have a significant impact on prices. Since natural fancy colored diamonds started being tracked in 1959 they have never once gone down in value, even during the financial crisis. They have averaged 12% annual returns since then out pacing all major indices and commodities.”
BitGem’s offering of PinkCoin will be the first phase of the BigGem platform, Kashif Khan, COO of PNIK explains. “This allows anyone to participate in colored diamond investing with liquidity. In the second stage we will launch our trading platform which intends to make BitGems the bank of the diamond industry, or a decentralized “eBay for diamonds.” He is confident in the platforms robustness and ability to generate income. “We will monetize BitGems trading platform by: charging a per transaction fee; monthly subscription cost; advertising revenue; collection and sale of data; currency exchange fees and escrow fees.”
The security of the platform comes from its leading technology protocols. “There’s global consensus amongst the scientific community that blockchain technology is the most secure system that exists today, outperforming the technology used by the leading banks,” Mr. Khan said. “Couple that with unprecedented international exposure and access blockchain creates for participants and it becomes obvious that this is the best platform for us to expose investors to colored diamonds.”
PinkCoin, is our first asset-backed cryptocurrency built on Ethereum’s standard currency Smart Contract. The coin is backed by a pool of certified, fancy colored diamonds (mostly pink) with a total NAV of $5,000,000 USD. Each diamond is certified and guaranteed natural fancy color. The diamonds are insured by Lloyd’s of London and stored at a private vault at 21 Dundas Square, one of the most secure buildings in Toronto, Canada, and considered as the hub of the Canadian wholesale jewelry industry.
About Precious Investments, Inc.
As of August 2015Precious Investments Inc. has entered the color diamond trading business after purchasing a portfolio of wholesale colored diamonds for US$4 Million. PNIK was also a mineral exploration and exploitation company.