New Delhi: The Indian Commodity Exchange Limited (ICEX), a Reliance ADAG-anchored platform on Monday launched the world`s first diamond futures contracts to provide exporters with a hedging tool.
The 1-carat contract for expiry in November, December and January will have delivery centre at Surat in the western state of Gujarat, the exchange said in a statement.
World’s1st diamond derivatives exchange #ICEX STARTS OPERATIONS from today in DIAMOND #FUTURES @DiamondWorldNet #Diamond #Exchange pic.twitter.com/tfg6763nHJ
— ICEX (@ICEXofficial) August 28, 2017
ICEX had earlier received approval from the market regulator Sebi to commence trading with diamond futures contracts.
Reliance Capital, part of the Anil Ambani-led Reliance Group, is the largest investor in the exchange.
India is a global diamond polishing hub where 14 out of every 15 rough diamonds in the world are polished.
