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SDiX appoints De Beers as Diamond verification partner
IIDGR, established by The De Beers Group, as its partner will verify the stones listed on the Exchange platform
By: Diamond World News Service
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Jul 18 2016 2:24PM
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Reference: 13245  

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The Singapore Diamond Investment Exchange (“SDiX”) announced that it has appointed The International Institute of Diamond Grading & Research (“IIDGR”), established by The De Beers Group, as its partner to verify the stones listed on the Exchange platform.

IIDGR will use its industry-leading, proprietary technologies, supported by The De Beers Group’s expertise in the diamond industry, to independently verify diamond baskets and individual stones graded by the Gemological Institute of America (“GIA”) before they are accepted onto the SDiX platform. IIDGR is responsible for checking that the GIA grades are accurate and the correct diamond is with the correct certificate, which offers investors on the platform an additional level of assurance. Buyers of single stones can examine GIA certifications directly through the SDiX platform, and all baskets have an identical number of stones and total weight, and contain stones of identical cut, clarity and colour.

Alain Vandenborre, Chairman and Founder of the Singapore Diamond Investment Exchange, commented: “We are pleased to welcome IIDGR as an additional verification partner for diamonds traded on the SDiX platform. This partnership is an example of SDiX’s commitment to ensuring the integrity and consistency of the products offered on our platform, and is a demonstration of our ongoing dedication to transparency and investor protection.”

Jonathan Kendall, President of IIDGR, said: “The appointment of IIDGR to provide verification services to SDiX for diamonds traded on the platform enables greater security for participants on the SDiX platform. IIDGR is The De Beers Group’s new grading business, focused on providing accurate and consistent grading to the industry. By using world class colour and clarity technology to verify the diamonds that sit on the Exchange, SDiX and its members can have full confidence in the quality and authenticity of the stones they are trading.

SDiX has been established to provide the only transparent price discovery mechanism for the global diamond trade, giving banks, financial firms and investors a benchmark price to value diamonds as an asset. Its objective is to standardize global trading in diamonds as an asset class and to unlock new investment opportunities for global investors. The Exchange is supported by a fully integrated ecosystem, including a depository that enables the physical settlement of diamonds, and a global network of partners focused on grading, vaulting, settlement and logistics.

SDiX is backed by leading global investors including Vertex Venture Holdings, one of the longest operating venture capital firms in Asia and a wholly-owned subsidiary of Temasek Holdings, Singapore’s sovereign wealth fund.

-Wealth Monitor

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