Singapore: Discussing Prospects of Localizing the Digital Diamonds Project in the Russian Far East
Deputy Prime Minister of Russia and Presidential Envoy to the Far Eastern Federal District Yury Trutnev and Abacus Capital Group founder and director Hogi Hyun have discussed the implementation of the Digital Diamonds project in the Russian Far West and promotion of the e-resources to increase the sales of Russian diamonds in the Asian markets.
Hogi Hyun presented the possibility of implementing the Digital Diamonds project in the Russian Far East and promoting e-resources to increase the sales of Russian diamonds. A special digital tool – D1 Coin – was created for the project. The tool can be used for trade, exchange and accumulation. D1 Coin was developed as an investment tool to protect against value decline and it includes benefits of cryptocurrencies and real assets. Each D1 Coin represents a fraction of an authentic diamond, and the price of such diamond is calculated with a D1 Matrix pricing algorithm. Users can convert their D1 Coins into diamonds at any moment. Every diamond with any features and from any supplier is certified by the Gemological Institute of America (GIA) and meets international quality standards. The diamonds are stored in Singapore with special operators like Brinks and Malca-Amit.
“As one of the biggest diamond providers and a country with unique skills in diamond cutting, Russia is very interested in the successful implementation of the project and participation of Alrosa, Kristall and KGK Group in it to maximize the Russian diamond production. We hope for the localization of certain processes in the territory of Russia, for example, cutting and warehousing. We suggest considering localization of the project in the Far East”, Trutnev said.
The Singaporean fund has now signed the agreements for the supply of investment-grade diamonds from Smolensky Kristall, Alrosa and KGK Group as well as agreements with the biggest digital stock exchanges to convert D1 Coins. Abacus Capital Group is interested in localizing the project in the Russian Far East and transforming the investment tool according to the Russian legislation.
“Russia is ready to support the project, and so is Far East Investment and Export Agency. We will recommend our Singaporean partners to cooperate closely with Russian manufacturers: Alrosa, Kristall jewelry as well as Vladivostok branch of Indian company KGK Group, to increase the percentage of Russian diamonds in the project”, FEIEA CEO Leonid Petukhov said.
As a result of the meeting in the presence of the Russian Deputy Prime Minister, an agreement about developing the cooperation in the “Digital Diamonds” project between Far East Development Fund, investment fund Abacus Capital Group and Beijing Tai Cloud Technology was signed. According to FDEF CEO Aleksey Chekunkov, the fund will be an integrator between Russian and international companies for the purposes of using blockchain technologies to attract investment in the traditional отрасли through the cooperation between Russian and international finance technology developers.
Abacus Capital Group is a private investment fund headquartered in Singapore and branched out all over Southeast Asia. The fund was founded in 199 by Mr. Hogi Hyun, Bankers Trust director. The fund focuses on direct investment, trust management and special projects. Abacus Capital Group invests in hospitality sector, real estate, oil and gas, mining, power industry, infrastructure, industrial companies, and finance.
Author: Evgeniya Vasilieva