Lloyd's of London Backs Authenticity of Diamonds in Digital Exchange Platform (VULT)

Technology
11/10/2016 16:41

In a news release, VULT - a digital diamond exchange platform whose, "revolutionary technology turns diamonds into a modern asset class: liquid, portable and fully fungible" - announced: "Secured Worldwide, the creators of VULT, a unique diamond investment product, has won the backing of the Underwriters at Lloyd’s of London for VULT’s warranty of the authenticity of every diamond in VULT units sold to consumers by Secure Worldwide. This first-ever policy backs Secured Worldwide’s guarantee that the diamonds contained in VULT are exactly as listed at the time of the products original sale. If at any time after purchase the diamonds in VULT are found to be otherwise, the company will refund the original purchase price or replace the product at no charge to the buyer." This breaks down a major barrier to turning diamonds into a true asset class - lack of confidence because of the lack of a guarantee.

"VULT is a consumer financial FinTech product that uses internet-based technologies and state of the art authentication coupled with investment-grade diamonds and space-age materials to address the need of consumers for a portable store of wealth and tangible asset," the announcement reads. Joseph A. Lipton, CEO of Secure Worldwide, adds, “VULT is unique and here’s why: with VULT, we identify and capture those diamonds that are most in demand in the global diamond market. Each of our VULT units is interchangeable with another in its class, as the value of the diamonds selected represent a standard denomination, ranging from $25,000 to $250,000.”  Backed by financial technology, a VULT is a physical, portable, secure and tradeable asset. "Each VULT unit contains highest quality Gemological Institute of America (GIA) graded and certified diamonds. Diamonds are D-F in color, with clarity grades of IF to VS1 and cuts ranging from Excellent to Very Good; it is no bigger than the palm of your hand and fits comfortably in a suit pocket, can be personally held or stored in secure facilities around the globe; Each diamond is laser-engraved with a unique GIA certification number. Each VULT unit has a unique engraved serial number."