TL; DR failed
- Bitcoin madness spread, digital currencies now paid for diamonds.
- Your diamond engages AusMerchant in bitcoin payment processing.
- Beyond diamonds, altcoins paid for other gemstones.
Continued bitcoin madness broke borders again, this time used to pay for auctions of diamonds and other precious stones.
An Australian tech startup, Your Diamonds, has announced that it will accept bitcoin in the second auction of fancy pink diamonds recently closed at the Argyll Diamond Mine.
Your Diamond (YD) is the brainchild of Tim Goodman, former CEO of Sotheby’s Australia. Jim Fernandez is the chairman of YD Non-Exec, a former senior vice president at Tiffany & Co. in New York.
In July, YD sold a 2.00-carat fancy pink diamond in its first public tender for A $ 2.2 million, a new world auction record.
The story behind the bitcoin diamond industry frenzy
“Following the extraordinary results of the first tender, we have amassed the largest collection of Australian pink diamonds ever to hit the secondary market,” said Goodman in Sydney.
A potential buyer contacted us and asked if we were getting Bitcoin. It was a secret to us until we found another Australian startup called AuSmerchant.
Your Diamond has engaged AuSmerchant to enable bitcoin receipts in bidding with the ability to instantly convert coins into cash. “It simply came to our notice then. “It’s surprisingly simple,” Goodman added.
“The AusMerchant Backup Accounting System provided to Your Diamonds enables summary accounting of all transactions to be adapted to the Australian cost basis.”
On December 6, the YD Auction / Tender is open to the public and the diamond trade. It includes 53 pink, blue and red diamonds sent for sale by 15 private sellers, including self-governing funds, real estate, collectors and investors.
Each piece has a pre-tender estimate and is available for public viewing at a travel road show in the Australian capital cities.
Some of the stars were sent by 72-year-old David Berger, who, 30 years before retiring in 2015, was the director of diamond polishing at the Argil Diamond Mine.
Bitcoin frenzy amid the boom in ETH and NFT
Not only is bitcoin used to auction gemstones, but Sotheby’s announced last week that it would accept ETH bids after receiving digital currency to pay $ 10.3 million to sell a 100-carat diamond.
Christie’s recently sold irreplaceable (NFT) tokens for funky new digital art at astonishing prices, which shocked the art institute.