ICEX launches world's first diamond futures contracts

MUMBAI (Reuters) - The Indian Commodity Exchange (ICEX) launched the world's first diamond futures contracts on Monday to provide exporters with a hedging tool.

India is a global diamond polishing hub where 14 out of every 15 rough diamonds in the world are polished.

The 1-carat contract for expiry in November, December and January will have delivery centre at Surat in the western state of Gujarat, the exchange said in a statement.

(Reporting by Rajendra Jadhav; Editing by Gopakumar Warrier)