World's first diamond
futures contract
The Anil
Ambani Group-anchored Indian Commodity Exchange (ICEX) became the world's first
derivatives exchange to launch diamond futures contract.
India is a global diamond polishing hub where 14 out
of every 15 rough diamonds in the world are polished. The futures contracts
will enable companies involving in cut and polished gems business to better
hedge price risks.
Successfully launched diamond futures trading . The contracts are
initially launched in size of 1 carat with compulsory delivery. This will
create an entirely new market for the diamond players where sellers can deliver
their certified diamonds to different buyers
The exchange will offer a fair, transparent and nationwide market,
bringing in large market participation into diamond trade. It will result in
efficient price discovery and provide an effective hedging platform for all
stakeholders
The new exchange will be able to make a meaningful contribution towards
further development of commodity markets, Gems & Jewellery Export
ICEX is powered by technology from MillenniumIT (MIT), part of the
London Stock Exchange Group while International Institute of Diamond Grading
& Research, a part of the DeBeers Group, certifies diamonds for the
exchange delivery.
MALCA, the world's largest
courier of diamonds, is the depository and transporter through its Indian arm
Malca Amit.
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