Apr 13, 2018

ICEX Introduces New 30-Cents Diamond Futures Contract

Adding a new facet to its offerings, India Commodity Exchange Ltd (ICEX), the India headquartered diamond trading bourse has introduced a new 30-cents diamond futures contract, which, it says, will enable it to serve a “larger chunk of the diamond industry in terms of providing direct hedging facilities”.

Announcing the new product, ICEX said that it has launched the first three monthly contracts of 30-cents for July, August and September this year. The contracts will be for diamonds with quality parameters that include colour H, clarity VS2, a triple X cut with a pointed culet and negligible fluorescence.

In August 2017, the exchange had introduced diamond derivatives starting with a standard 1-carat futures offering. Subsequently,it added on 50-cents contracts as well.

Since inception, delivery of 282.39 carats of diamonds valued at Rs 8.02 crore has taken place, ICEX stated.

Last month the exchange also began offering doorstep delivery to clients purchasing diamonds on its platform, with Malca-Amit as logistics partner.