The Indian Commodity Exchange (ICEX) intends to launch three futures contracts for diamonds in March to provide exporters with a hedging tool. SEBI has given its nod to the first new commodity futures contract for diamonds since taking over regulation of the market in Sept 2015. It has given the Indian Commodity Exchange an in-principle approval to launch a diamond futures contract. The exchange will initially launch three contracts for stones sized 30 cents, equal to 0.3 carats, 50 cents, equal to 0.5 carats, and 1 carat. The contracts are set to consider the requirements of market participants and the delivery centre will be the western Indian city of Surat, which polishes around 80% of the world’s diamonds, as per ICEX source.