Nosiphiwo Mzamo: South Africa’s State Diamond Trader to buy diamonds from other African countries

South Africa’s State Diamond Trader (SDT) is set to buy diamonds from other African countries starting with Botswana. SDT’s chief executive Nosiphiwo Mzamo told Rough & Polished’s Mathew Nyaungwa at the country’s inaugural diamond show, which...

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Edahn Golan: Halo effect from lab-grown diamonds driving high demand for large, 2-carat natural stones in the U.S.

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Paul Zimnisky: We will see a modest recovery in natural diamond demand and prices in 2025

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African Diamond Council makes traceability its top priority, wants KP to embrace Authentia.io

The African Diamond Council (ADC) has made traceability its foremost priority and has been contributing to a traceability solution called Authentia.io for the last three and a half years, which is now ready to globally satisfy the traceability...

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Gaetano Cavalieri: CIBJO leading the jewelry industry on critical issues

One of the gem and jewellery industry’s most well-known and respected personalities, Dr. Gaetano Cavalieri, has been the president of the World Jewellery Confederation (CIBJO), for the past 23 years. CIBJO is the oldest international organisation...

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The sale of digital gold to be launched In Russia

15 november 2023

The first digital rights to gold in Russia were launched by Rosbank together with the operator of digital financial assets Atomize.

The volume of the pilot issue amounted to 170,000 rubles with a circulation period of three months.

According to the press service of the operator, the investor purchases digital gold at a discount of 2% to the current market value, determined on the basis of the Moscow Stock Exchange indicator. Upon repayment, the buyer receives the full current value of the precious metal or an ingot from the bank's vault. It is noted that the bars are stored during the circulation period and are redeemed in case of repayment in money.

Gold bars are provided by Rosbank, which purchases them from miners with payment in advance in the amount of their full value. At the same time, Rosbank manages the credit risk when paying miners in advance, and the interest rate included in the advance payment allows the issuing bank to sell bullion to investors at a discount.

"For the first time in the history of the Russian financial market, an investor will be able to receive gold bars upon repayment. This is a win-win product that is of interest to gold mining companies, issuing banks, and investors. Although this release is a pilot project, with scaling it up, I am sure that the final product will be in high demand. Perhaps this issue will be a turning point in the history of digital financial assets," commented Natalia Voyevodina, Chairman of the Board of Rosbank.

Alex Shishlo for Rough&Polished