Indian Commodity Exchange (ICEX), the world’s first diamond futures trading bourse, has started a 30 cents diamond futures contract. Till now, its bouquet of offerings included only two contracts — one carat and 50 cents.
“With the addition of 30 cents, ICEX now serves a larger chunk of the diamond industry in terms of providing direct hedging facilities,” the bourse said in a statement on Thursday.
Incidentally, since its launch in August last year the exchange has witnessed delivery of nearly 283 carats of diamonds that are cumulatively worth a little over ₹8 crore.
Initially, ICEX started operations with 1 carat futures contracts and subsequently added the 50 cents contracts. Last month, the exchange started offering doorstep delivery facility to clients purchasing diamonds on its platform.
ICEX, which is backed by the Anil Ambani-owned Reliance Capital, commenced trading operations in diamond futures on August 28 last year and saw trades more than double in just five months.
