With permission received to re-commence live trading operations from the Securities and Exchange Board of India (SEBI), the regulator for the securities market in India, the Indian Commodity Exchange Limited (ICEX), a screen-based online derivatives exchange for commodities, is all set to launch its Diamonds Futures product as well.

“ICEX has successfully complied with all SEBI mandated norms–prescribed for the commodity exchanges, and implemented world-class technology and risk management systems,” an announcement from the exchange affirmed.

Earlier, ICEX has already secured SEBI’s approval to launch the Diamond Futures contract – the first in the world.

“The Exchange has all necessary infrastructure to handle deposits, grading and sealing, vaulting and deliveries of diamonds as part of its preparation to launch the diamond contracts,” assured the exchange.

“We are grateful to SEBI for granting the final approval to ICEX for re-commencement of trading operations,” said Sanjit Prasad, MD and CEO, ICEX. “With all requisite approvals in place, ICEX is poised to go live by end-August, 2017.” 

In the run up to the commencement of trading operations, ICEX is stepping up enrolment; training of members; and is conducting mock trials and making other preparations.