A New York-based technology company is attempting to succeed where several firms have failed and make the $1.2tn global market for diamonds more accessible to financial investors, through the creation of a futures contract and a fund tracking the price of the gems.
Diamond Standard is trying to establish the equivalent of the gold bar for the precious stone market, which is dominated by jewellery houses and which, unlike gold, is not commoditised. It plans to launch a futures contract for diamonds on the Minneapolis Grain Exchange (MGEX) by the end of the year, chief executive Cormac Kinney told the Financial Times.
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