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INDIA: ICEX GOES LIVE WITH LAUNCH OF DIAMOND FUTURES

The Indian Commodity Exchange Limited (ICEX) went live on August 28th with Diamond Futures – the world’s first derivatives contracts in diamonds.

 

According to Mining Weekly, ICEX first diamond futures exchange will start trading in 1 ct/100c contracts and will eventually add 50c and 30c contracts. Sellers will need to get the diamond certified by the De Beers-promoted International Institute of Diamond Grading and Research, “and will get credit in electronic form equivalent to the carat deposited”, according to the exchange. The exchange has 20 large diamond companies as members “and expects about 45 sightholders of De Beers to transact on the exchange platform”.

 

ICEX previously said it has completed a pre-launch mock trading between August 7-11, in which its saw “a nationwide participation with 62 members and their clients taking part […] total trades during the week stood at 26,64,208”.

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