World's first diamond derivative exchange in India: Five things to know

The Indian Commodity Exchange Limited (ICEX), a Reliance ADAG-anchored platform will launch the world's first diamond futures exchange today . 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. MMTC is also backing the exchange.
• ICEX, a screen-based online derivatives exchange for commodities, said it has completed a pre-launch mock trading session from August 7 to August 11. During the week-long mock sessions, ICEX saw a nationwide participation with 62 members and their clients taking part from 388 terminals.
• Out of the 8,013 clients, who registered with the exchange, 5,119 clients participated for the mock trading. Total trades during the week stood at 26,64,208. The average daily turnover touched Rs 3,590 crore and the highest daily turnover reported was Rs 7,855 crore, a release issued by ICEX said.
• The exchange has put in place necessary infrastructure to handle deposits, grading and sealing, vaulting and delivery of diamonds as part of its preparation for the formal launch of the diamond futures contracts.
• The exchange will start trading in 1 carat/100 cent contracts and will eventually add  50 cent and 30 cent contracts.