World's first diamond futures exchange starts trading in India - BBG

Bloomberg out with the latest development in the commodities’ space, citing that the world’s first diamond futures exchange started trading in India on Monday.

Sanjit Prasad, managing director of the Indian Commodity Exchange Ltd noted: “Indian manufacturers most require this type of financial product.”

Key Details:

The exchange, backed by companies including Reliance Capital Ltd. and MMTC Ltd., will start trading in 1 carat/100 cent contracts and will eventually add 50 cent and 30 cent contracts

Sellers will need to get the diamond certified by the De Beers-promoted International Institute of Diamond Grading and Research and will get credit in electronic form equivalent to the carat deposited, according to the exchange.