DIMND - Digital currency powered by Ethereum, represented by diamonds



  • Dimnd

    What is DIMND?

    DIMND is a token powered by Ethereum and represented by a fraction of real diamond (carat). Diamonds will be physically stored in secure vaults, with ability to redeem DIMND tokens for equal worth of carats in diamonds at any time. By investing in DIMND an investor is also investing in polished diamonds. Polished diamond prices has been rising constantly over long period of time, which offers extra security for DIMND as digital asset.

    DIMND – Digital Currency backed by Diamonds

    Why this ICO is a great opportunity?

    Each DIMND token powered by Ethereum will be represented by a fraction of a carat (term used to
    measure diamonds weight). Diamonds will be physically stored in secure vaults, with the ability to
    redeem DIMND tokens for equal worth of carats in diamonds at any time. Each holder of DIMND will
    know exactly how many carats they have, and its value. DIMND value in carats will be fixed meaning
    extra stability for everyone involved. The initial investment will always be safe and investors can always
    easily exchange DIMND for diamonds, and sell diamonds for any fiat currency worldwide if they wish to.
    Diamonds will always be exchangeable for cash. But they are a currency for private individuals, not for
    governments, because as you will see, they allow personal control and privacy. So DIMND will offer both
    modern digital currency and all benefits associated with that, as well safe and secure investment that is
    backed by commodity with value that never reacts to currency fluctuations itself.
    Lucid Rocks Limited, a company involved in diamond trade on both wholesale and retail levels will
    oversee development of the project and daily operations after project launch.

     Market, Industry and Smart Contracts

    Diamonds and Industry

    Diamonds have been revered gemstones for thousands of years.
    The world’s oldest known diamonds were found in Western Australia and scientist estimate they are
    4.25 billion years old! At that time the stones could be found along the riverbanks. Diamonds are an
    internationally recognized method of payment. They have always been a sign of authority, power, and
    above all a currency in all but name used as a bargaining chip for almost 4,000 years.


    For hundreds of years India had been able to produce a limited supply, and the increase in demand did
    not help matters. In the 1700’s diamond supplies in India began to shrink, while Brazil saw a rise in
    demand.
    Around the 1700’s the diamond markets experienced its own type of upheaval. In days past the only
    people who could afford such luxury were the rulers and elites of society. With the Enlightenment came
    the French and the American Revolutions. Europe itself seemed to explode with wars between Russia
    and the Swedish Empire, the War of Spanish Succession, the War of Polish Succession, the Russo-Turkish
    War, the War of the Austrian Succession, the Seven Years’ War, the list goes on and on. This caused a
    massive redistribution of wealth, with the middle class suddenly able to afford things that only the ruling
    class could afford in times past, like diamonds.
    In the 1800’s you could add the United States to the growing list of countries demanding luxury items
    such as diamonds, as their wealth grew at an exponential pace. Diamonds were becoming not just a
    show of wealth for the monarchies of the world, but also for the growing number of wealthy, every day
    citizens.
    Diamonds have always been something of a high value, symbol of wealth and status due to its scarcity
    and acceptance of its value by human kind for thousands and thousands of years.
    It’s worth noting that today it is possibility to accurately compare different diamonds due to laboratory
    certificates that stones possess. The most reputable laboratory in the world is The Gemological Institute
    of America, or GIA, which is a nonprofit institute dedicated to research and education in the field of
    gemology and the jewelry arts. Founded in 1931, GIA's mission is to protect all buyers and sellers of
    gemstones by setting and maintaining the standards used to evaluate gemstone quality.
    In 1953 the GIA developed its International Diamond Grading System and the Four Cs (cut, clarity, color,
    and carat weight) as a standard to compare and evaluate the quality of diamonds.
    Diamonds are graded by four factors or as they are more commonly known, the 4Cs.
    Color - The color of a diamond refers to the relative amount of yellow, brown or gray body color that a
    stone possesses. The G.I.A. scale starts at "D" and goes through "Z", with "D" being void of any body
    color, and "Z" having a light yellow, brown or gray color.
    Clarity - Practically all diamonds contain naturally occurring internal characteristics called inclusions. The
    size, nature, location and amount of inclusions determine a stone's clarity grade and affects its cost.
    Clarity is determined using 10X magnification. The scale starts at Flawless (without any inclusions). The
    next category is VVS1-VVS2 - Very, Very slight inclusions, which are very difficult for an expert to find
    under 10x magnification. Next comes VS1-VS2 - Very slight inclusions, difficult for an expert to find under
    10X magnification, and not visible without magnification. Next on the scale is SI1-SI2= Noticeable,
    relatively easy to find under 10X magnification, although not visible without magnification in a face-up
    direction. And finally, I1-I3= Obvious under 10X magnification, may be visible to the unaided eye; I3's
    inclusions may affect the stone's durability.
    Cut - At the turn of the last century it was mathematically determined what the optimal proportions for
    a diamond should be to assure maximum brilliance and dispersion. The scale rates from Excellent to Poor.
    Carat - Carat is a unit of weight, not size. There are 5 carats in a gram. The weight of a diamond is
    measured in carats. A carat is divided into 100 parts, called points.

    Polished diamond prices vary widely depending on a diamond's carat, color, clarity and cut, sometimes
    referred to as the 4 Cs. In contrast to precious metals, there is no universal world price per gram for
    diamonds. The industry refers to price guides such as the Rapaport Diamond Report.
    The Rappaport Report is the jewelry industry standard for the pricing of diamonds. The report is
    published weekly and given to jewelers and diamond merchants to set prices for consumers. The report
    is issued in the form of a table and prices diamonds based on the 4C's of diamonds. The Rapaport List
    is copyrighted and available only to subscribers to its magazine, those usually being industry
    professionals.

    Current Market and Future trends

    Nowadays diamonds are mined across four continents with major manufacturing centers in India,
    Belgium and Israel


    The Americas

    The diamond supply in South America is made of alluvial sources (river shores). This is due to the wet
    climate; years of erosion have caused the diamond pipes to wash away into rivers and streams. They
    have discovered untapped kimberlite pipes, but thus far they have not contained gems worth mining.
    Along the coast, Guyana and Venezuela contain alluvial diamonds, which have been mined since the
    1900’s. The diamond mines in Venezuela contain fancy colors such as blues, greens, pinks, and even the
    elusive black diamond.
    In the United States, there are two mines, which were at one time worked as commercial concerns.
    The Kelsey Lake Diamond Mine located near Ft. Collins, Colorado was mined from 1996 through 2002,
    when it was closed due to several lawsuits regarding mineral rights. There were nine kimberlite pipes
    that were discovered, two of which were turned into open pit mines.
    In Arkansas, the Crater of Diamonds Mine was worked in the early 1900’s, but due to the sub economic
    deposits was forced to discontinue operations. Today it is the only open pit diamond mine open to the
    public and for a small fee, tourists can dig for diamonds themselves. There are several famous diamonds,
    which have been found by prospectors such as the Uncle Sam Diamond weighing in at 40.23 carats, and
    the Kahn Canary Diamond, which is a 4.25 carat yellow diamond.
    Canada, which contains some of the oldest geological formations in the world found their kimberlite
    pipes in the 1990’s. The Ekati Mine produces some of the best quality diamonds in the world even
    though during some months of the year the roads are impassable and the area can only be reached by
    air.

    Russia

    Since 1829 diamond mining via the alluvial method was taking place in Russia, but it wasn’t until the
    1940’s that real exploration began. Almost all of Russia diamonds come from the Siberian republic of
    Sakha, with new discoveries being made despite the harsh conditions. The country’s production is
    owned and operated by the government, and produces mostly smaller stones used for industrial
    purposes. They have found some stones of worth during their mining operations, such as the 232.10
    carat Star of Yakutia.

    Africa

    During the 1800’s diamonds were first discovered on the African continent. As with most discoveries

    from that time, they were alluvial diamond sources. After miners discovered the diamond pipes in
    Kimberley diamond production really took off. South Africa is the home of De Beers Consolidated Mines
    Ltd., and was the first to usher in the modern era of diamond mining. Unbelievably those same mines are
    still producing today, although supply is slowly winding down. Off the coast of Africa marine mining has
    taken off, with the invention of large ships containing new technologies to mine the sea floor.

    Australia

    Alluvial diamond mining began in Australia around 1851, but never in large quantities. It wasn’t until
    1972 with the discovery of a lamproite pipe that the Argyle Mine was opened. This mine has surpassed
    the volume of production of all others before it. The gems contained in this location are small, and
    usually colored yellow or brown. It also produces some of the world’s most prized pink diamonds.
    The global diamond market for new polished diamonds is estimated at approximately $65-$70B and is
    plateauing and leveling.

    Read White Paper for more Details:

    Blockchain technology DIMND

    DIMND is ethereum token. A token is generally defined as a thing that serves as a representation of
    something else. On a blockchain network, a token often represents financial value or a digital asset,
    much like how arcade tokens represent fiat quarters.
    A DIMND token is no different from any other token, it also conforms to Ethereum’s token standard.
    All tokens created on the Ethereum network use the same standard; those tokens will be easily
    exchangeable and be able to immediately work with Dapps that use the DIMND standard. What sets
    DIMND aside is that it has physical value because polished diamonds back it.
    What makes a token “standardized” is that it uses a certain set of functions. If developers are aware in
    advance of how a token will operate, they can easily integrate that token into their projects with less
    fear of bugs or errors.
    Tokens aren’t only a store of value but can represent anything; in our case they represent value in
    diamonds.

    DIMND token will be backed by physical diamonds

    Each DIMND token powered by ethereum will be represented by a fraction of carat. Diamonds will be
    physically stored in secure vaults, with ability to redeem DIMND tokens for equal worth of carats in
    diamonds at any time. Considering the annual worldwide production of diamonds is only at around 5
    tons (of which quality diamonds will have to be sourced and purchased) amounts of DIMND released and
    available to public will have yearly limits and will be revised according to situation on the diamond
    market. Since diamonds are scarce resource, base yearly price of DIMND will be set and amended
    yearly. . All future DIMND releases will only be available exclusively to those who participated in in pre-
    ICO and ICO itself, as well as to certain hand-picked industry professionals. After the ICO the public will
    only be able to purchase DIMND on certain exchanges where it will be listed.
    Diamonds that will be purchased to represent DIMND will be of 0.4 to 1.5 carats to ensure its liquidity in
    required situations. All diamonds will be graded by the Gemological Institute of America (GIA) prior to its
    purchase. Diamonds will be of no less then VS2 clarity and no less then near colorless (grade J in the GIA
    grade scale).
    Diamond values communicated to all holders of DIMND will be determined according to the Rapaport
    Report, and those values will be updated according to the issued reports. Diamond value will be
    calculated using following criteria:


    Average prices of diamonds will then be taken in consideration and median price will be calculated. That
    number will be the value communicated to our investors. So, value stated will be the median of all prices
    for specific categories of diamonds provided in the Rappaport Report. Such reports do not list exact
    prices, as such a thing does not exist in the industry, but helps to understand its valuation and acts as
    guide to selling and buying polished diamonds.
    Each DIMND will be valued at 0.001 Carats and have a price of ETH 0.03. It’s possible that later public
    price will be determined by trading on stock exchanges. However, one will always be entitled to 0.001
    carat for each DIMND that one wishes to redeem. Redeemed tokens will be deleted according to smart
    contract. Investors will need to hold at least 400 DIMND to be eligible to exchange it for crypto or fiat
    currency, since it will represent 0.4 ct. as that will be the minimum weight of individual diamonds
    purchased and stored on investor’s behalf.
    Those holding less then 400 DIMND will still have a relevant number of carats assigned to their portfolio
    and will own diamonds jointly with other smaller investors, but won’t be able to redeem their
    investment until it reaches the above-mentioned number of 0.4 ct. (400 DINMND).
    There will be fees in the future to cover platforms operational costs:
    - Such management fees will consist of diamond purchase processing fee and diamond storage fee.
    The annual fee will be set to 0.8% of the total value of diamonds hold in the vaults. Future
    management of the project will be sub-contracted to Lucid Rocks Limited, company with vast
    experience in diamond industry.
    Please note during pre ICO and ICO itself there will be no commission charge per transaction. Storage
    fees will start to apply only when diamonds will be purchased and stored. A third party independent
    vault audit will be performed to ensure all investors who participated in the ICO that obligations are in
    place and diamonds are stored.

    What does DIMND token offer?

    Apart from being tradable, ethereal token DIMND offers stability historically associated with the
    diamond industry. DIMND is great diversification from other tangible and intangible savings that you
    may have. With the price of diamonds expected to continuously rise at 4%-6% per year DIMND can be
    considered as a long-term investment. Alternatively, it can be traded on exchanges once this function
    becomes available.

    Why DIMND?

    By investing in DIMND an investor is essentially investing in polished diamonds. Here are major factors to
    consider why it is a good idea.

     Safe investment in a stable industry

    Diamonds are held by a quasi-monopoly, with a subsidiary of De Beers, the DTC accounting for nearly 40%
    of extracted rough diamonds. So most of the supply is under strict control. The self-sufficient workings
    and the solid traditions of the diamond world maintain its stability. The system is closed; everything is
    done so that closely monitored diamond dealers do not have any other suppliers and cannot speculate.

    The major diamond producers organize price stability in order to maintain their margins. This has been
    going on for a hundred years. The principles that still apply to the diamond market were established
    from the beginning by the “founding father,” Cecil Rhodes: total control of diamond production. The
    principle is simple: Too much production: mines are closed or diamonds are stored before they are
    released. Not enough demand: the diamonds are released to stimulate demand. Rarity is created to
    maintain the high price of diamonds.
    To bring extra confidence the project is carried out in close cooperation with Lucid Rocks Limited, a
    company with experience in both retail and wholesale segments of the diamond industry.

     The market not controlled by banks or financial giants

    The diamond market tries to be as independent from world’s governments and other institutions as
    possible. Due to a natural mistrust that consists in wanting to keep control of diamonds, the diamond
    market has its own laws, its own exchanges, its banks, laboratories and even its own bodies to settle
    disputes between dealers (the world of diamonds does not especially like the outside publicity that could
    be caused by a trial).
    The diamond world is a closed system that functions independently or is self-managed by a code.
    Since its creation, the industry has relied on itself, preferring to use outside help as little as possible to
    the point of carefully avoiding relationships with governments. Diamond industry members prefer to
    keep themselves away from any possible outside manipulation that governments would want to exercise.
    The diamond industry has always thought of the security and privacy of its members as the root of its
    successful existence.
    All diamonds will be stored in secure vaults in a Freeport location, meaning that investors can benefit
    from being VAT exempted for their initial investment.

    Diamonds remain stable through crises

    Generally, when serious crises occur whether they are of economic origin or conflict- related, the
    diamond market is affected from producers to distributors and cutters. However, diamond prices are not
    affected and remain relatively stable.
    After the crash of 1929, the price of diamonds was teetering on the brink. Ernest Oppenheimer, then
    head of De Beers, controlled production of rough diamonds enabling him to lock down production and
    organize product scarcity. He closed all the “diamond taps” in the mines that he controlled. Total
    production of rough diamonds shrunk from 2,242,000 carats in 1932 to 14,000 in 1933 to ensure price
    stability.
    During the 2008 crisis, diamonds also took losses but it was the industries that gravitate around them
    (cutters, mining companies that had to “close the taps” waiting for the recovery rather than producing
    for nothing) that suffered the most.
    Diamond prices themselves remained stable. Penury was created to limit the fall in prices; the diamond
    market is in a strict supply and demand situation, unlike gold that can be resold, recycled, and has several lives.

    During conflicts and wars those who held diamonds kept by their bankers were able to sell or exchange

    them for cash, food, commodities or even their lives.

    Long-term investment with possibility of short-term profits

    Forecast of constant growth in demand and stable or even decreased supply of diamonds up to the year
    2030 means that those who wish to diversify their investment portfolio can invest long term with an
    average return on their investment at around 4%-6% annually.
    However, itself DIMND is a tradable digital currency that is backed by luxury commodity which means
    that its value will likely appreciate at a faster rate on digital currency exchanges bringing short terms
    profits for those who will wish to trade more frequently.
     

    Smart contracts bring trust

    DIMND uses smart contracts. You can be assured of participating on a trusted, secure, privacy oriented
    platform. Tasks such as amount of yearly DIMND release and its price are performed automatically,
    based on diamond industry averages, done using smart contracts which makes the whole platform
    human error free and more trustworthy since its eliminates possibility of any third-party manipulation of
    prices. Smart contracts and block chain transactions also bring privacy and security that is of the utmost
    importance.

    Potential uses of DIMND token

    DIMND token can and will be used for:
    1) Daily trading on digital currency exchanges
    2) Diversification of investment portfolio with long term secure and private investment with
    expected annual return of 4%-6% per year
    3) Actions will be taken to establish DIMND as means of payment for diamonds and jewelry
    worldwide
    4) A lot of purchases in the industry are done on credit, in such situations the seller would prefer to
    have some sort of collateral. Being represented by physical diamonds DIMND tokens can act as
    collateral.
    5) Re-invest of DIMNDs with diamond related industries.

     Platform Roadmap

    Here is timescale from initial stages of the project to its full implementation
    2017 4th Quarter:
    Development of pre-sale website
    Preparing ICO
    Pre ICO limited sale.
    2018 1st Quarter:
    ICO Launch and sale of limited number DIMND tokens.
    2018 1st / 2nd Quarter:

    Purchase and storage of physical diamonds in a secure vault
    2018 4th Quarter:
    Alpha testing of the platform
    Launch of beta version
    Listing of DIMND token on digital currency exchanges
    2019 1st Quarter:
    Full-scale platform launch
    Sale of yearly limited amount of DIMND tokens
    5.0 Pre ICO limited sale
    There will be an initial pre-ICO sale of a very limited number of tokens. There will 20.000 DIMND tokens
    available worth 20 carats. Price of tokens will be set at 0.025 ETH per each DIMND. The price during ICO
    will be set at 0.03 ETH per DIMND
    6.0 Initial Coin Offering (ICO)
    By leveraging the block chain technology potential and smart contracts, we are building platform for
    investors that want to have all the benefits of digital currency together with extra security of their
    deposits.
    To setup this decentralized DIMND platform that demands a highly scalable environment and large-scale
    resources, we need the working capital. It also involves executing obligations towards all investors by
    purchasing and storing polished diamonds.

    Token Sale

    2 000 000 DIMND tokens (representing 2000 carats) will be issued (100000 of which will allocated to key
    partners and developers). The rest 1 900 000 of DIMNDs will be available during ICO.
    Ø Pre ICO sale price 1 DIMND = 0.025 ETH
    Ø ICO start price = 0.03 ETH
    Ø Expected Price after platform launches = 0.035 ETH
    Ø Minimum investment = 1 ETH
    Ø Undistributed tokens will be eliminated through smart contract

    After-Sale funds allocation

    Raised funds will be allocated between following areas
    Ø Purchase of diamonds at wholesale prices available only to industry professionals on behalf of
    our investors.
    Ø Platform and website development and management expenses
    Ø Marketing and PR expenses to popularize the platform
    Ø Legal consolations
    Ø Partners and management vesting period will last through out the duration of project
    development and carry on until the at least 5 years into the project running on full scale.

    Ø All funds raised during the token ICO will be stored in a multisignature wallet. After the end of the
    token crowdsale, larger portion of the funds may be transferred to Bitcoin or other alternative
    crypto currencies, or fiat money to fulfill necessary obligation in regard to diamond
    purchase and storage.
    Each year thereafter no more then 200 000 DIMND tokens will be available for purchase exclusively for
    those investors who participated in pre-ICO and ICO stages, as well as some very small number of
    industry professionals. Any unpurchased tokens will be erased by smart contract.

     Transparency and Privacy

    The entire project is developed as an open source code and it will be publicly available. The development
    progress will be shared with investors via DIMND.io website and social media.
    A high level of transparency will continue after development is finished and the project is launched.
    Every investor will be able to access vault audit reports. Necessary KYC procedure will be carried out, and
    all sensitive information such as investor’s identity will be stored on a secure server at undisclosed
    location without any remote access.

    Transparency and Privacy

    The entire project is developed as an open source code and it will be publicly available. The development
    progress will be shared with investors via DIMND.io website and social media.
    A high level of transparency will continue after development is finished and the project is launched.
    Every investor will be able to access vault audit reports. Necessary KYC procedure will be carried out, and
    all sensitive information such as investor’s identity will be stored on a secure server at undisclosed
    location without any remote access.

    Our Team

    CEO of the project:

    Business side of the project will be overseen by Art Orlov – Currently
    managing director of Lucid Rocks Limited. Company that specializes on
    retailing diamonds online to customers in European Union and worldwide.
    Another part of the business is small scale wholesale to jewelers and other
    industry professionals. Art Orlov is member of Gemological Institute of
    America, worlds leading non-profit diamond organization. His
    responsibilities will be to establish relationships with third parties, drive
    product development and oversee marketing side of the business.

    Design and Graphics of the project:

    Mohammad Vashim will lead the design process and will be responsible
    for all parts related to the development of websites, graphics and all
    visual elements. With over 7+ years of extensive website development
    experience, Mohammad Vashim is truly an expert when it comes to PHP
    based custom and pre set frameworks like, Custom / Theme and Plugin,
    Development, Short code, MySQL, Responsive Website, Bootstrap,
    AngularJS, java-script. He is one of the top-rated developers on
    Upwork.com, having successfully completed 100% of his projects and
    logged more than 4500 hours.


    Blockchain and Smart Contracts:

    Manoj is 12+ years experience in IT industry. Manoj has good
    architectural and hands on experience in various technologies like
    Blockchain, Nodejs, Enterprise web applications and web3js. Prior
    experience includes smart contract development on Ethereum
    platform. He was part of smart contract development team of many
    successful ICO in past. With strong knowledge of blockchain
    technology, he drive design and development of Ethereum based
    smart contract development.



    Links:

    Website:http://dimnd.io/




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