World's first diamond exchange at Singapore to go online from September
Singapore Diamond Investment Exchange’ (SDiX) the first ever diamond exchange is all set to function from September 2015.
Till now diamonds were traded on mutual basis where the retailers or jewellers used to buy diamonds from the polishers and consumers were supposed to buy it from the retailer.
Now under the SDiX customers can physically trade in diamond under one roof.
About Singapore Diamond Investment Exchange Pte Ltd (SDiX)
- The concept of SDiX is brainchild of an entrepreneur and investor Alain Vandenborre.
- This will be the first-of-its-kind business-to-consumer (B2C) platform for electronic diamond exchange where customers can also avail diamonds physically.
- It has capacity to handle five lakh transactions per second.
- It will facilitate customers to trade or invest in diamonds with transparent pricing at wholesale rate.
- For payment settlement United Overseas Bank is selected.
- India’s twenty five large diamond companies are its ‘pioneer members’.
- SDiX is also planning to launch ‘forward trading’ and ‘futures trading’ in diamonds.
Month: Current Affairs - July, 2015