November 27, 2017 / 7:24 AM / 21 days ago

ICEX launches 50-cents diamond futures contract

MUMBAI (Reuters) - The Indian Commodity Exchange (ICEX) on Monday launched 50-cents diamond futures contracts, the exchange said in a statement.

Diamonds are seen on the trading floor of Israel's diamond exchange in Ramat Gan near Tel Aviv October 30, 2012. REUTERS/Nir Elias/Files

The 50 cents contracts for expiry in February, March and April 2018 are expected to attract more industry players as half carat diamonds are used in jewellery, the exchange said.

In August, ICEX had launched world’s first diamond futures contract, but initially contract size was 1 carat.

India is a global diamond polishing hub where 14 out of every 15 rough diamonds in the world are polished.

Reporting by Rajendra Jadhav; Editing by Vyas Mohan

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