First diamond futures exchange of its kind to start trading today
DSIJ Intelligence / 28 Aug 2017
The world’s first diamond futures exchange will begin trading in India on Monday. This will help the gems’ producers to hedge their price risks.
The world’s first diamond futures exchange will begin trading in India on Monday. This will help the gems’ producers to hedge their price risks. “ICEX will start its trading operations on Monday, August 28, in diamond futures contracts. With the launch, ICEX will pave the way for creation of the world’s first organised, transparent and regulated derivatives market for diamonds, which will enable hedging, price discovery, and investment in the precious stone,” said Sanjit Prasad, Managing Director and CEO of the Indian Commodity Exchange (ICEX) India.
The exchange, backed by companies such as Reliance Capital and MMTC, will start trading in 1 carat/100 cent contracts and will eventually add 50 cent and 30 cent contracts, reported a leading news agency. DIAMOND 1CT November 2017, December 2017 and January 2018 contracts of 1 carat diamond will be available for futures trading with effect from today. Due to inaugural function on the first day of launch, the trading in above contracts will start at 03:30 pm and will continue till 11:30 pm.
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