Indian Commodity Exchange (ICEX), a Reliance ADAG-anchored platform, will launch the world’s first diamond futures contract on August 28. The exchange had earlier received approval from the Securities and Exchange Board of India (SEBI) to commence trading in diamond futures contract.
With the launch, ICEX will pave the way for the creation of the world’s first organized, transparent and regulated derivatives market for diamonds, which will enable hedging and price discovery in the precious stone.
ICEX, a screen-based online derivatives exchange for commodities, had completed a pre-launch mock trading between August 7 to 11.