The Anil Ambani Group-anchored Indian commodity exchange (ICEX) on weekday became the world's 1st derivatives exchange to launch diamond derivative instrument.
"We with success launched diamond futures commerce nowadays. The contracts area unit at the start launched in size of one carat with mandatory delivery. will} produce a completely new marketplace for the diamond players wherever sellers can deliver their certified diamonds to totally different patrons," ICEX director Sanjit Prasad same.
The diamond derivative instrument incorporates a potential of commerce volume of Rs 5,000 large integer per day, Prasad further.
The launch will cause economical worth discovery supported demand and provide and a nation wide market participation. Till date, over a hundred members and around 4,000 purchasers have registered with the exchange.
The Trading can supply a good, clear and nationwide market, transferral in massive market participation into diamond trade. it'll lead to economical worth discovery and supply an efficient hedging platform for all stakeholders, exchange chairman Ashok Sinha same.
The new exchange are able to create a purposeful contribution towards more development of artifact markets, Gems & jewelry Export Promotion Council chairman Praveen Shankar Pandya same.
ICEX is high-powered by technology from MillenniumIT (MIT), a part of the London stock market cluster where as International Institute of Diamond Grading & analysis, an area of the DeBeers cluster, certifies diamonds for the exchange delivery.
After launching monthly contracts, the exchange plans to launch contracts for 50 cents and 30 cents with mandatory delivery in electronic units within the close to future, that it's already received Sebi permission.
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