Al Kasir Group launches diamond trading on blockchain

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DUBAI : Dubai-based Al Kasir Group launched diamond trading on the blockchain with three diamond-backed blockchain assets. Al Kasir Jewellery Trading and Al Kasir portal, a joint venture under the private office of His Highness Sheikh Ahmed Bin Obaid Al Maktoum, announced the launch of the innovative diamond trading model using the blockchain technology for the first time in the world.

Al Kasir Group, a joint venture under the private office of His Highness Sheikh Ahmed Bin Obaid Al Maktoum and Dr. Amit Lakhanpal, Indian entrepreneur, property developer and director of the Al Kasir Group.

Speaking at a press conference in Dubai, Dr. Lakhanpal said, “Blockchain technology is increasingly popular amongst individuals, financial institutions and governments. Three Blockchain-assets backed by IGI certified real diamonds. Being backed by a real-world Asset, these three Blockchain-assets: AL MAS, AL HAQEEK & AL FALAH are better capable to store and translate value due to a base measure or gauge around which their value revolves. Diamonds are an ideal asset backing for Blockchain-assets since they are rare, taking 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.”

“This is also the first time such assets will be available for purchase across the counter as the company aims to open 1000 stores across the world for this in all major markets including South-East Asia, Europe, the UK and the Gulf region. The public trading will commence tentatively between August 21 and 24, 2018 during Eid Al Adha,” Dr. Lakhanpal further said

The company announced the Pre-IBAO commencement during which these blockchain-assets can be purchased on the company’s online shopping portal with a bonus in store. Investors, who wish to buy these assets, will have a variety of packages to choose from, ranging from a minimum of USD 250 up to USD 250,000, against which he will be given Indian Gemological Institute (IGI) certified diamonds of the same value after the completion of IBAO (Initial Blockchain Asset Offering). The company aims to attract buyers from all social and economic segments.

Dr. Lakhanpal said, “The three Blockchain-assets are due to be traded on their own unique Blockchain-Asset Exchange with the flexibility of interchangeability of coins and trading directly against diamonds, precious gemstones, oud, bakhoor and attar adding more value. Moreover, the Company is offering Storage facility for Blockchain-Assets on Blockchain for a period of 25 years with plans to extend the services further.”

“The Blockchain-Assets are freely transferrable from one holder to another over the Blockchain Platform and buyers can take advantage of this option for gifting or simply transferring Redemption Value to others. For instance, an existing holder of the Blockchain-Asset wishes to transfer Blockchain-Assets from their Blockchain based Digital Wallet to another user in any part of the world, they may do so by using their password-protected send option to the receiver after verifying an OTP sent to registered mobile number and/or email. The receiver can then use the Blockchain-Assets to redeem against shopping or simply trade them against the other Blockchain-Assets available on the Company’s Exchange”, he added.

Dr. Lakhanpal is the founder and CEO of the Money Trade Coin Group. Author of a book titled ‘The World of Crypto Currency’, Dr. Lakhanpal is also the Chief Managing Director of real estate development agency named Flintstone Group and the founder of FlintBeats, an event agency founded in 2015.