The turnover on the Indian Commodity Exchange (ICEX) has crossed Rs 5,300 crore, rising five-fold in just six months on the back of surge in the trading of the diamond futures contract, the exchange officials have said. In September 2018, overall trading volumes were just over Rs 1,000 crore.

During the same period, turnover of diamond futures contract, which is offered as a hedging tool to exporters, crossed Rs 4,500 crore, the exchange added, up 14-fold from Rs 318 crore last September. The contracts were launched in August 2017, and last month accounted for nearly 85% of total turnover on the exchange.

According to Sanjit Prasad, CEO, ICEX, the rise has been brought about by a variety of factors. Among these he lists the price volatility that the sector has witnessed as well as launch of new commodities for trading and change in contract design by ICEX.

The exchange reported that its average daily volume in February was Rs 267 crore, five times more than last September’s level of Rs 55 crore.

Of the total physical delivery of 980.45 carats made since the process commenced in November 2017, as much as 127.67 carats were delivered in March, the highest amount ever in one single month.