The Indian Commodity Exchange (ICEX) will soon begin to trade in polished diamond futures, becoming the first country to allow anyone to trade in diamonds on a commodity exchange, according to IDEX Online.
The plan awaits final approval from the Securities and Exchange Board of India (SEBI), with the formal launch set for March. Sanjit Prasad, managing director and chief executive officer of ICEX, told The Hindu: “There are around 80 diamond site-owners [sightholders] globally and we have got 20 of those on our exchange. Our mock trading saw participation from around 100 people. Once diamond contracts start trading on an exchange, it will become a financial investment product