ICEX Current Affairs - 2019
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The Indian Commodity Exchange (ICEX) as launched world’s first diamond futures contracts to provide exporters with a hedging tool.
India is a global diamond polishing hub where 14 out of every 15 rough diamonds in the world are polished. The futures contracts will enable companies involving in cut and polished gems business to better hedge price risks.
ICEX has received approval from market regulator Securities Exchange Board of India (SEBI) to commence trading with diamond futures contracts.
The ICEX has started trading in 1 carat/100 cent contracts and eventually in future will add 50 cent and 30 cent contracts. It has put in place necessary infrastructure to handle deposits, grading and sealing, vaulting and delivery of diamonds for the diamond futures contracts.
To avail futures contracts sellers will need to get the diamond certified by De Beers-promoted International Institute of Diamond Grading and Research. The certification will allow getting credit in electronic form equivalent to the carat deposited.
Indian Commodity Exchange (ICEX)
ICEX is deemed recognized Stock exchange providing a nation-wide on-line trading platform in commodity derivative. It is a public-private partnership with Reliance Capital, MMTC Ltd, Indiabulls Housing Finance Ltd, Indian Potash Ltd, KRIBHCO and IDFC Bank as major shareholders. It was established under the SCRA, 1956 in terms of Section 131(B) of Finance Act, 2015 pursuant to central Government notification issued in August 2015.