Islamic Finance

Diamond-backed crypto assets now launched in Dubai

| 15 April, 2018
 Waheed Abbas

Al Kasir Group and the private office of Sheikh Ahmed bin Obaid Al Maktoum have rolled out diamond-backed crypto assets and will sell it though blockchain technology.

Customers can purchase diamonds through Group's online portal and retail stores and can also get bonus which can be redeemed at the company's stores and portal. Upon purchasing it online, the company will deliver diamonds to the customer's doorstep as it has tied up with a logistics company and insurance company for the deliveries.

The company, set to open first store at Kempinski Residence and Hotel at Palm Jumeirah, plans 12 stores across the UAE in the near future and 1,000 across the globe in coming years.

Addressing the media on Sunday, Dr. Amit Lakhanpal, director, Al Kasir Group, said the company, in addition to GCC, aims to foray into other markets such as India, Pakistan and Bangladesh.

The three crypto assets - Al Mas, Al Haqeek and Al Falah - are due to be traded on their own unique crypto-asset exchange whereby the customers can exchange and trade directly against diamonds, precious gemstones, oud, bakhoor and attar.

Investors who wish to buy these crypto assets will have a variety of packages to choose from ranging from a minimum of $250 to $250,000, against which they will be given certified diamonds of the same value after the completion of Initial Crypto Asset Offering. 

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