The Singapore Diamond Investment Exchange (SDiX), the world's first and only commodity exchange trading in physically settled diamonds, is going live from Thursday. Once business takes off at the exchange, it will be portal-based and with transparent pricing. This could also bring investors into diamonds. All stones traded on SDiX are Gemological Institute of America (GIA)-graded and buyers of single stones can examine certificates directly via the platform, according to the report.
The exchange's website said the Singapore Diamond Investment Exchange has been established to provide the only transparent price discovery mechanism for the global diamond trade, giving banks, financial entities and investors a benchmark price, the exchange said. The exchange is supported by a fully integrated system, including a depository that enables physical settlement and a global network of partners focused on grading, vaulting, settlement and logistics. The SDIX estimates that in the first year turnover could be $250 million, with that figure doubling in 2017.