ICEX launches 30-cents diamond futures contract
Mumbai: The Indian Commodity Exchange on Thursday launched 30-cents diamond futures contracts, adding to its existing product basket of 1-carat and 50-cents contracts.
ICEX had launched the world's first diamond derivatives contracts in August last year with 1-carat futures contracts, and had subsequently added the 50-cents contracts.
With the addition of 30-cents, ICEX now serves a larger chunk of the diamond industry in terms of providing direct hedging facilities, a statement issued here said.
Initially, three monthly futures contracts of 30-cents diamonds will be available for trading on the exchange for July 2018, August 2018 and September 2018. The important quality parameters for diamonds to be traded on the exchange platform are HVS2, triple X with pointed culet and negligible fluorescence.
Since its launch in August 2017, the exchange has witnessed the delivery of 282.39 carats of diamond valuing Rs 8.02 crore, according to the release.
Earlier, ICEX had started the facility of delivering the diamond purchased by clients on its platform to their doorsteps and had selected Malca Amit as the logistic partner.