ICEX to launch diamond futures soon

Last week received in-principle permission to restart exchange, trading expected from March

After suspending trading for three years, the Indian Commodity Exchange (ICEX), anchored by Reliance Capital, is launching the world's first exchange-traded diamond futures, which will be settled by delivery.

The Securities and Exchange Board of India (Sebi) last week gave in-principle approval to the exchange to resume operations with the launch of derivatives trading and the first contract approved was of diamond. 

This is also Sebi's first approval of trading in commodity derivatives after taking over the regulation of commodities trading.

The contracts will be monthly, with diamond quality specifications and the stipulation that it must be mined by a