For all those of you who thought diamond as a metal beyond your means it will now no more be the same claim made as the Indian Commodity Exchange or ICEX has got SEBIs nod to trade in high quality natural diamonds.
Individuals willing to acquire the expensive metal can now do so by investing as small as Rs. 900 in a SIP for 2.5 years. This is the first innovation on the global scale as an Indian Bourse has attempted to trade in it.
How to acquire diamond through SIP?
After opening account with the ICEX broker and completing the requisite know your client formalities, user would have to specify as on what date he or she wishes that the exchange should purchase diamond. For it some minimum amount has to be deposited for future transactions.
For the physical conversion to be effected, minimum 30 cents should be gathered. However as the diamond is maintained in a demat form initially, as less a 1 cent can be invested in through the diamond SIP. The trading in diamond by ICEX is supposed to be live from next month whereas mock trading has already been started.
Only natural diamonds shall be traded by the exchange with proper check up and authentication for each of its feature by De Beers