Dust Identity raises $10 million in Series A funding

Dust Identity, a Framingham, Mass-based supply chain security and tracking startup that utilizes diamond dust, raised $10 million in Series A funding.

Why it matters: Do you know any other company whose business model is based on diamond dust? Specifically, inexpensive industrial diamond waste that's used to lightly coat an object, thus creating unique tagging properties and an ability to ensure that the object hasn't been messed with.

The diamond market gets cloudy

In this image, a small diamond is held between two long tweezers on top of a microscope.
Photo: David Talukdar/Getty Images

Aside from oil and lean hogs, 2019 has been a tough year for commodities. Coffee prices have fallen 9%, natural gas is 11% lower and soybean prices have fallen 7% to name just a few. The diamond industry is also in a slump, Bloomberg reports.

What's new: De Beers revealed Tuesday its diamond sales fell to a 2-year low, underlining a slump in the industry worldwide. Sales fell 25% from a year ago and were down 29% from an offering last month.