ICEX to attract small traders to diamond futures

The exchange has kept the trading and delivery size low to attract all types of business units

The Indian Commodity Exchange Ltd (ICEX), a Reliance ADAG-anchored platform, is set to facilitate trading and delivery of smallest tradeable polished diamonds on its platform, and the exchange is scheduled to launch futures trading by the end of August.

This is to attract the smallest players in the value chain. With a first-of-its-kind diamond futures contracts in the world, the ICEX will allow futures trading and delivery in 1 cent (1 cent = 2 mg = 100th particle of a carat) size with ex-Surat as its delivery centre. 

According to contract specifications approved by the Securities and Exchange Board of India (Sebi),