20 Jul 2019
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Diamond Futures Contract
New Sparkle In Diamonds
By: Diamond World News Service
Jul 11 2017 10:24AM
Reference: 15365  

In the last few years, Indian diamond industry has seen many ups and downs. It would not be wrong to say that have been many bad times than the good. So it is obvious to find alternative sources. Looking at gold being is used as an investment and financial hedging tool; it didn’t come as a surprise when the Union Government of India gave nod to SEBI for the first new commodity futures contract – diamonds in January 2017. If gold can be a financial hedging tool then why not diamonds? For the investors who are on a lookout of a safe bet, diamonds can be a good option. These diamond futures contracts, if successful, would surely add extra sparkle to diamonds, explores Kavita Parab.

Being open to newer ideas is indispensable to growth and the newer ideas are sure to meet some initial resistance. Diamond Futures Contracts, too, have met some criticism, be it certain section of media or the industry itself. However, one needs to look at them with positivity and hope that this new change would give the industry a new outlook.

Since long, diamond industry has been a limited exclusive insider circle. Not everybody and anybody had an access to diamond trading. Considering India’s position as the largest cutting and polishing centre for diamonds in the world and the industry contributing more than 85 per cent of Diamonds trading in India, the Diamond Futures Contracts are expected to enhance competitiveness of Indian exporter in the world market.

“With the Diamond Futures Contract, the power of pricing will shift into the hands of Indian diamantaires,” said Sanjit Prasad, MD & CEO of ICEX.

Diamond Futures Contracts
ICEX is coming up with Diamond Futures Contract in 3 categories of diamonds. There will be three separate monthly contracts of diamond having lot size of 1 carat, 50 cents and 30 cents with compulsory delivery at Surat, the basis centers for price and delivery, at the expiry of the contract.

The contracts will be monthly, with diamond quality specifications and the stipulation that it must be mined by a Kimberly-approved diamond mine, including those owned by De Beers, ALROSA, Argyle and Rio Tinto. The International Institute of Diamond Grading and Research (IIDGR), which is part of the De Beers group and has a branch in Surat, will do quality testing and grading before the diamonds are delivered on the exchange.

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