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Indian Commodity Exchange launches diamond-futures trading

Posted by: Editor
Date: 9/5/2017

The Indian Commodity Exchange (ICEX) has launched the world’s first diamond-futures trading contract. Online trading of 1-carat diamonds through ICEX began on August 28, the exchange said last week.

Their goal is to let customers invest in diamonds and gain profit if prices go up. ICEX also wants to create an influx in polished diamond demand.

All the diamonds traded on ICEX will carry grading reports from De Beers’ International Institute of Diamond Grading & Research (IIDGR).

“ICEX will offer a fair, transparent and nationwide market, bringing large market participation into diamond trade,” said Sanjit Prasad, the exchange’s CEO and managing director. “It will result in efficient price discovery and provide an effective hedging platform for all stakeholders of the diamond industry.”

The Indian government approved diamond-futures trading in September 2016.

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