A New York-based financial technology company – aptly named “Vult” – recently unveiled its “revolutionary” new diamond-based asset at Capital Club Dubai in the United Arab Emirates.
Company CEO Joseph Lipton said Vult uses “Internet-based technologies and state of the art authentication” provide consumers with a portable store of wealth in the form of a tangible asset. Lipton added the diamond industry’s business model has created limitations for individual investors and prevented diamonds from emerging as a “true, transparent asset class and store of value.”
“While gold is an important investment for protecting wealth, it doesn’t offer the concentrated portability of Vult,” said Lipton at last week’s press conference. “Vult allows individuals to easily price, buy, transport or sell investment-grade diamonds as a new and accessible asset. Investors now have an alternative store of wealth that is unlike the current system of non-standardised laboratory graded loose diamonds.”
He added: “We have transformed diamonds from a personal asset into a new form of wealth and global monetary exchange.”
Lipton stressed Vult wouldn’t compete directly with existing luxury diamond markets but outlined some of the “unique advantages” it would offer individual investors. Among the biggest benefits to investors is an accessible, electronic diamond-trading instrument that allows for a “simple, transparent, Internet-based, and consumer-centric market.”
“Imagine needing to transport thousands of ounces of silver or kilos of gold during a future financial crisis,” said Lipton. “Investors would clearly benefit from an additional tangible, more portable asset—unlike other commodities in uncertain times.”
Lipton added: compared to gold and other forms of storing wealth, Vult is “hundreds of times” denser in value and comes in multiple denominations, allowing investors to meet their varied needs.
For more information, visit vult.com/faqs/.