 "Sanjit Prasad, ICEX, Ashok Sinha, diamond futures contract, ICEX, commodity derivatives, diamond, diamond derivatives, diamond derivatives exchange")
The Indian Commodity Exchange (ICEX) launched the world's first diamond futures contracts on Monday to provide exporters with a hedging tool.
India is a global diamond polishing hub where 14 out of every 15 rough diamonds in the world are polished. At the launch, the first diamond contract for delivery in November was traded at Rs 3,279/cent. One cent is the one-hundredth of a carat (ct).
With over 103 registered members so far, ICEX has launched 1 ct diamond futures contract for delivery in November and followed by contracts with monthly settlements. 50 cents and 30 cents contracts will be introduced after
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