Frequently Asked Questions
Problems on the Consumer’s side:
Problems on the Producer’s Side:
- Moderate to High Prices
- Investing and purchasing emeralds can sometimes be difficult and risky, especially if you are a first-time buyer/investor without adequate knowledge about them.
- Partial and small investments are not possible when obtaining emeralds.
- Lack of trust in the emerald’s origin, due to the fact of illegal trafficking and lab-grown gems.
Problems on the Producer’s Side:
- Receive less than 30%-40% of the final customer retail price.
- It’s extremely difficult for miners and producers to expand into different markets because of a lack of advertisement and brand awareness.
FuraCoin tokens will be redeemable into physical emeralds twice a year. The first redemption round starts from November 18th to December 18th (2022), and the second redemption round starts from May 18th to June 18th (2023). The owners of the Fura Individuals who purchase FURA can go to the website to view each emeralds most recent price alongside its copy of the GIA certificate and other related government documentation.The redemption process is composed of the following steps:
Customers must pass through our verification system which adheres to the KYC / AML guidelines.
The purchaser of the emerald then selects which stone he/she wants to redeem. Once the decision is made, we are notified of the user wishing to complete the order, and do so by authorizing the transaction.
The emeralds are then sent using whichever desired mail service the receiver chooses to be sent through. In this transaction, the receiver will be responsible for the shipping of the stones. It is up to the purchaser of the emeralds to adhere to the guidelines of their country’s/state/local ordinance when determining if a VAT is required for the purchase.
Once an emerald is redeemed, it is then burned from the token supply using ERC-20’s burn feature to stabilize the supply of currently available FuraCoins, which accurately reflects all available tokens on the market.
The Custodian Bank selected by Emerald Trade to hold all emeralds in safekeeping located in Miami, FL, under a custody agreement, shall provide the nominated accounting firm with verification that it holds every emerald specified on each invoice and the corresponding valuation (formal appraisal) and quality certification of the gem lab.
FuraCoin’s marketplace is where investors and purchasers can view the information of every single emerald stored in a safekeeping vault located in Miami, FL. Also, FuraCoin provides all the information of the emeralds, which includes the price in FURAs, origin, characteristics, GIA certificates, name, lab report, as well as 360 video and pictures from every angle. Please visit our marketplace at www.furatrade.com
The owners of Fura can redeem their tokens for emeralds through the website www.furatrade.com. Owners of FuraCoins can redeem their tokens twice a year. The first redemption round starts from November 18th to December 18th (2022) and the second redemption round stars from May 18th to June 18th (2023). Individuals who purchase FURA can go to the website to view each emerald’s most recent price, alongside its copy of the GIA certificate and other related government documentation.
Emerald Trade realized there was an opportunity to allow investors, traders, and producers to participate in a more decentralized market and reduce the cost for transactions between the parties. Furthermore, Emerald Trade wants to eliminate the middleman from the process, connecting retailers, traders, and investors directly in contact with the miners.
Initially, FuraCoin will be a utility token, with a total supply of 600 million tokens. There are currently 300 million Furacoin tokens created which are located on Etherscan. It is part of our plan to create 300 million more Furacoin tokens to complete the figure of 600 million Furacoin Tokens that establishes the total supply. Additionally, we will accumulate sufficient funds over time, with the ultimate goal of transitioning from a utility token to a currency by establishing our own blockchain network. This will allow us to transact on our own network, which will allow us to have lower fees, expedited transaction times, and support for other ABTs via other stablecoins.
The gold, silver, and diamond markets have been securitized and have reached global saturation and market growth maturity. It means that the global demand for global production has reached the ebb-and-flow balance of supply-and-demand. The emerald market has only recently been securitized/tokenized and made its way to public stock exchanges and the cryptocurrency realm. Its entry into the market as an asset-backed token has found favor with investors.
Due to the rapid growth of consumer wealth, especially in Asian countries where emeralds are preferred over diamonds. The growth potential for tokenizing the emerald market is monumental and decades away from reaching the saturation levels which gold, silver, and diamonds have reached. World demand for emeralds substantially exceeds current production. In the past 20 years, the price of emeralds rise in value has outpaced the average price increase of gold, silver, and diamonds. Emeralds have been known to increase in value an average of 12% to 15% annually. Emerald Trade is making participation in this expanding market available to investors worldwide, by way of Digital Currency.
Emerald Trade keeps certificates from laboratories from the countries where the emeralds are purchased and then recertifies the gems through the prestigious GIA laboratories located in New York once the emeralds enter the United States. Unlike our competitors, which only have certificates from countries outside of the United States. Emerald Trade uses GIA certified certificates, and the Emerald Report price list system to evaluate the price of gems. Market Value includes a very detailed description, precise measurements and grades, color, digital image(s), and determination of the value within the appropriate market. The appraisals for each emerald are verified by a GIA certified master gemologist who provides a fair market value price for each stone. It is also important to note that the appraisals are independently conducted by a non bias third party service unaffiliated with Emerald Trade. Appraisals of each emerald are done on a recurring quarterly basis.
The answer to this question is NO, because FuraCoin's only commitment in this regard is that, in general, Emeralds fully support the value of the Tokens, which does not mean that the specific gems are directly linked to the Tokens.
To reinforce the transparency of the process, Emerald Trade will conduct a biyearly audit to verify the authenticity and quality of the emeralds by a trusted third-party company.