Indian Commodity Exchange Limited (ICEX), a screen-based online derivatives exchange for commodities, on Monday went live with the launch of diamond futures, which will be the world’s first derivatives contracts in diamonds.
The diamond contract launched by ICEX initially is in size of 1 carat with compulsory delivery. “This will create an entirely new market for the diamond industry players where the sellers can deliver their certified quality diamonds to different set of buyers from across the country,” it said.
“The launch of diamond futures trading on ICEX will lead to efficient price discovery based on demand and supply fundamentals and a nationwide market participation,” ICEX said. Till date, over 100 members and around 4,000 clients have registered with the exchange.