ICEX has launched the world’s first diamond future exchange. What does “ICEX” stands for?
[B] International Commodity Exchange
[C] Indonesia Commodity Exchange
[D] None of the above
The Indian Commodity Exchange (ICEX) has become the world’s first derivatives exchange to launch diamond futures contract. Initially, the contracts are launched in size of 1 carat with compulsory delivery. This will create an entirely new market for the diamond players where sellers can deliver their certified diamonds to different buyers.The launch will also lead to efficient price discovery based on demand and supply and a nationwide market participation. Till date, over 100 members and around 4,000 clients have registered with the exchange. The exchange will offer a fair, transparent and nationwide market, bringing in large market participation into diamond trade. It will result in efficient price discovery and provide an effective hedging platform for all stakeholders. The new exchange will be able to make a meaningful contribution towards further development of commodity markets.