Indian commodity exchange (Indian Commodity Exchange, ICEX) on Monday, the first in the world to start trading futures contracts on the diamonds.
This week an auction is held in the test mode, from noon to 19:00 local time.
As reported by DNA India, the test mode should remove the last doubts in these contracts. The transition to real trading is expected in the first week of September.
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Prior to that, ICEX limited conducted a test auction from 7 to 11 August, attended by 62 member of the exchange and their clients.
Further trade three types of three-month contracts will be held from 10 to 11:30 a.m. local time. The lots will be 1 carats of 0.5 carat and 0.3 carat, reports Business Standard.
The contracts were developed by the ICEX and the Ministry of Finance and the Council of securities and exchange Board of India.
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India – the world centre of processing of precious stones, cut diamonds, is concentrated in Surat, Gujarat.
We will remind, earlier experts of Goldman Sachs made a forecast, according to which the reserves of gold and diamonds on previously discovered and explored deposits will be exhausted in 20 years, but because their prices will rise.
