ICEX launches world's first diamond futures contracts

New Delhi: The Indian Commodity Exchange Limited  (ICEX), a Reliance ADAG-anchored platform on Monday launched the world`s first diamond futures contracts to provide exporters with a hedging tool.

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.

World’s1st diamond derivatives exchange #ICEX STARTS OPERATIONS from today in DIAMOND #FUTURES @DiamondWorldNet #Diamond #Exchange pic.twitter.com/tfg6763nHJ

— ICEX (@ICEXofficial) August 28, 2017

ICEX had earlier received approval from the market regulator Sebi to commence trading with diamond futures contracts.

Reliance Capital, part of the Anil Ambani-led Reliance Group, is the largest investor in the exchange.

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