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Diamonds Futures Exchange Begins Trading Today
Backed by Reliance Capital Ltd. and MMTC, the first-of-its-kind diamond futures exchange has started trading today in India.
Globally, the first diamonds futures exchange begins trading in India today which shall enable companies to better hedge the price risk involved. As in India, there is huge risk pertaining to price of the gem on account of large-scale stocking, the financial product is hailed by managing director by the Indian Commodity Exchange Limited.
Backed by Reliance Capital Ltd. and MMTC Ltd., the exchange is said to start trading in 100 cent or 1 carat contracts and then finally add contracts of 30 and 50 cents.
Prasad, MD of ICEL, said that it took 2.5 years to give shape to this first of its kind diamonds futures exchange after discussion with SEBI and Ministry of Finance. Diamond polishers in India source rough diamonds from De Beers as well as from some other diamond producing nations through imports. And polish about 14 out of 15 world's gems.
As per the exchange, sellers will need to get certification from De Beers-promoted International Institute of Diamond Grading and Research and thereupon get credit in demat form equivalent to the amount deposited. The exchange has tie-ups with as many as 20 large diamond companies as member companies
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