Vrai launches "Bitcoin-Backed" Lab Growns

Vrai launches "Bitcoin-Backed" Lab Growns

(IDEX Online) - Vrai, the e-commerce division of the US-based Diamond Foundry, has launched what it describes as "the first ever Bitcoin-backed lab grown diamonds".

Customers buying a lab grown pay the current market price of a comparable mined diamond. The difference between the two is then invested in Bitcoin on their behalf.

"Diamonds have historically represented both meaning and security, but mined stones no longer deliver on that dual promise," said Mona Akhavi, president of Vrai. "By backing our Vrai Created Diamonds with Bitcoin, we restore that sense of enduring value."

Vrai says the lab growns are "backed" by Bitcoin. The physical diamond and digital asset are independent of each other, but are bundled together for marketing purposes.

The VRAI Created Bitcoin Diamonds address the concerns of consumers who opt for lab growns, realizing mined diamonds no longer hold their value as an investment.

The value of Bitcoin acquired is recorded on the diamond's certificate, linking the physical and digital assets as one. Customers, or their heirs, can redeem the current Bitcoin value at any time by returning the stone with its certificate.

Bitcoin is currently trading at around $108,00, more than six times its value in January 2022.

Pic courtesy Vrai.