Canadian Firm Plans Diamond-Backed Cryptocurrency

pnik-bitgems

Update October 13, 2015
CEO of PNIK, Dr. Nataliya Hearn, provided these comments to our queries:
Our main reasons for developing and implementing asset based cryptocurrency are:

1.     Color Diamonds have been steadily appreciating in value since 1950’s by 15%/yr
2.     Most people do not have access, knowledge or means to accumulate a diamond portfolio
3.     Asset-based cryptocurrency provides underlying security for every token issues (just like the US $ used to be tied to gold, thus the “Gold Standard”), and liquidity anywhere in the world.  This is of particular value in countries where currencies are going thru significant devaluation or have limited f/x value outside of their country (such as S. America, Russia, China).
Precious Investments Inc., (symbol — PNIK) is a fully reporting public company, which is required by the SEC to disclose all material events as they happen.

Precious Investments Inc., GoNumerical Ltd. and Gulf Pearl Ltd. last week declared their intent to create a new cryptocurrency, called BitGems, as they entered into a Memorandum of Understanding last week.

If successful, BitGems will become the first crytocurrency to be backed by colored diamonds.

Precious Investments, which trades over-the-counter as PNIK, will provide $5 million worth of colored diamonds, while GoNumerical Ltd. and Gulf Pearl Ltd. to organize the crowdsale funding of BitGems. These BitGems will number 5 million, to match the value of the diamonds, and will be generated using Blockchain 2.0 protocol Ethereum.

The profits from this operation would be put towards the purchase of more colour diamonds to expand the business and it is intended that the sale will at least partially be through their website when it is complete.

CEO of PNIK, Dr. Nataliya Hearn, stated:

the value of colour diamonds has seen a steady appreciation of about 15% per year since the 1950’s, BitGems will provide one of the most stable international investment instruments that are currently available. In a way, PNIK is creating a ‘Diamond Standard’ in a new generation of world currencies.

Established in 2004, PNIK was formerly FIGO Ventures, Inc. and claims to have a concession in a Colombian precious metals mine. In June 2015, the company reported that it had purchased US$4 Million in wholesale colored diamonds and enter the colored diamond trading market.

PNIK is not connected to an older cryptocurrency called BitGem, launched in 2013 and near to dying out.