A Mining Magnate’s Strategic Move
Mark Cutifani, currently the chairman of Vale Base Metals, has joined the board of advisors at Diamond Standard. Vale, under his leadership, recently secured a massive $3.4 billion investment from the Public Investment Fund and Ma’aden mining of Saudi Arabia. Cutifani’s prior role involved heading AngloGold Ashanti, a formidable $7 billion mining outfit specializing in gold, silver, and uranium. Additionally, he was a prominent figure at the World Gold Council during the inception of the SPDR Gold Trust.
Opening New Horizons in Diamond Trading
His appointment comes at a pivotal moment for Diamond Standard as the company gears up for the launch of innovative financial products designed around diamonds. This move aims to provide investors with fresh avenues for diversification into an often overlooked asset class. Diamond Standard’s plans include the introduction of futures on MGEX via CME Globex and options on MIAX, along with the submission of an ETF proposal.
A Shrewd Investment Collaboration
Diamond Standard Fund, the company’s inaugural fund offering, is a collaborative venture with Horizon Kinetics, a reputable $6.5 billion SEC-registered investment advisor known for sponsoring the Inflation Beneficiaries ETF (NYSE:INFL). In a strategic move, Diamond Standard has partnered with Oasis Pro Markets to facilitate the listing of this private fund for accredited investors on an alternative trading system.
Transparency and Market Oversight
Diamond Standard deals in transparent commodities in the form of coins and bars containing geologically equivalent sets of natural diamonds. These commodities are assembled under the watchful eyes of the Bermuda Monetary Authority and undergo internal auditing by Deloitte. Bloomberg and Refinitiv are responsible for publishing the daily market price, and these commodities are traded on the Diamond Standard Spot Marketplace.
