Hong Kong is EverCarat’s inaugural global marketplace for physically settled diamonds, where origin, ownership and transaction of diamonds are fully traceable and recorded by emerging blockchain technology, to provide a complete, accurate and transparent digital ledger that cannot be edited.
- Platform developed by Hong Kong fintech start-up AssetOnChain, a member of the Hong Kong Science and Technology Park Corporation’s Incu-Tech Programme.
- EverCarat provides investors with a transparent and secure platform to trade investment-grade diamonds (top-5 colours and clarity).
The launch ceremony was officiated by Rico Tang, Co-Founder and Chief Executive Officer of AOC; Raymond Wong, Head of Investment, Hong Kong Science and Technology Parks Corporation; Paul Pong, Chairman at the Institute of Financial Technologists of Asia and Zulu Sureshkumar Ghevriya, founding member of the Hong Kong Indian Diamond Association.
Guests of honour at the EverCarat launch ceremony:
- Raymond Wong, Head of Investment, Hong Kong Science and Technology Parks Corporation (second from left)
- Rico Tang, Co-Founder and Chief Executive Officer of AssetOnChain (second from right)
- Paul Pong, Chairman at the Institute of Financial Technologists of Asia (far right)
- Zulu Sureshkumar Ghevriya, Founding Member of the HK Indian Diamond Association (far left)
Guests of honour, co-founders and shareholders of AssetOnChain toasted at the EverCarat launch ceremony.
EverCarat also allows investors to leverage the immense opportunity the diamond investment and trading market has to offer. The global trading volume of polished diamonds has reached USD25 billion. In 2017, demand from the China market (including Hong Kong and Macau) contributed to 16% of the diamond market, making it the second-largest market in the world, underpinning the city’s advantages to develop a trading centre for diamonds as a new asset. Investment-grade diamonds’ high store value, low volatility and low correlation with other asset classes make them an ideal asset allocation tool. Meanwhile, Hong Kong’s simple tax system and sophisticated financial infrastructure, also allows dealers to trade diamonds conveniently and at a relatively low cost.
Rico Tang, Founder and CEO of AssetOnChain, said: “EverCarat is a blockchain-backed fully digital trading platform which ensures investors trade diamonds in a transparent and secure environment. The latest blockchain technology it employs is key to building public trust in investment in diamonds. Indeed, the entire journey from suppliers, through verification, physical custody to delivery is now highly transparent.”
Raymond Wong, Head of Investment at HKSTP said, “The launch of EverCarat in Hong Kong is another success of our ‘Incu-Tech’ Programme. AssetOnChain was selected as our incubatee in January 2018. We were impressed by its management team and unique business model, the first start-up in Hong Kong to apply blockchain technology in the trading of physical diamonds. As an international financial centre, Hong Kong is well-positioned to develop into a global diamond trading hub, and the innovation and technology sector has an important role to play in supporting such transformation. By leveraging and developing the latest blockchain technology, we are seeing stronger synergy of cross-industry collaboration, which is critical in driving the growth of a more robust fintech ecosystem and innovative finance sector.”
Paul Pong, Chairman at the Institute of Financial Technologists of Asia, commented: “Diamonds offer unique advantages in the protection of wealth especially during periods of high market volatility. The enhanced price transparency, liquidity and product standardization provided by EverCarat enables investors to trade diamonds as easily as they can trade gold and stocks.”
GIA double-verified investment grade diamonds trading on EverCarat.
Targeting the 1.4 million high net worth population in Greater China, EverCarat will officially go live on 14 November 2018. Only GIA double-verified investment grade diamonds (top-5 colour and clarity) will trade with a transparent bid/ask price to match global sellers and buyers. EverCarat uses the latest DLT (distributed ledger technology) of blockchain to trace diamond DNA and trade records.
* AssetOnChain Technology Ltd is an incubatee of HKSTP’s Incubation Programme. The press release is issued by HKSTP on behalf of the company.
Background on AssetOnChain
AssetOnChain Technology Ltd is a fast-growing blockchain and financial technology company which seeks to unlock illiquid commodities and products as new asset classes by integrating blockchain technology and exchange system. Developed by AssetOnChain, EverCarat is the first global physical diamonds trading platform powered by blockchain technology and exchange system. Fully digital, transparent and secure, EverCarat connects sellers and buyers across the globe, so they can trade diamonds as easily as they can trade any other traditional assets such as gold, currencies or stock. Enhanced price transparency and liquidity can also lower transaction cost for investors.
The founders of AssetOnChain include former senior executives from Reuters, Samsung as well as Exchange Operators in China and Hong Kong. The team has a proven track record in Asia Pacific founded on its deep understanding and knowledge of financial technologies, and the operation of both exchanges and mobile internet ecosystems.
Maxie Lai, Director of Marketing
Tel: +852 3468 6989
Hong Kong Science and Technology Parks Corporation
Sam Yan, Corporate Communications
Tel: +852 2629 6743