The Indian Commodity Exchange Limited (ICEX) has announced that it will launch the world’s first diamond futures contracts on August 28, according to Art of Jewellery.
ICEX managing director and CEO Sanjit Prasad said: “We will start trading operations on August 28 in diamond futures contract. 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 and price discovery in the precious stone”.
ICEX 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”.
