MCX signs MoU with Singapore Diamond Investment Exchange (SDiX)
Multi
Commodity Exchange of India Limited (MCX), India’s No. 1 commodity exchange,
and Singapore Diamond Investment Exchange (SDiX), the world’s first and only
commodity exchange trading in physically settled diamonds, have signed a
Memorandum of Understanding (MoU) for establishing areas of cooperation between
the two exchanges. The MoU was signed at a ceremony in Mumbai today by Mr. Mrugank
Paranjape, MD & CEO of MCX and Mr. Linus Koh, CEO of SDiX.
The
MoU is intended to facilitate cooperation between the two exchanges in areas
such as knowledge sharing and research, standardization of the product for
Indian markets and enhancing transparency in pricing, as well as to explore
areas for further collaboration between the exchanges. India is the largest
global hub for the cutting and polishing of diamonds, and has several thousand
small medium and large enterprises which are involved in the diamond business.
Moreover, through this partnership, the exchanges have agreed to work towards
the goal of assisting the stakeholders in India’s diamond industry by bringing
international best practices in price risk management and price discovery through
innovative spot and derivative market operations. The move will also foster the
development of communication channels for the sharing of information between
the exchanges.
Mr.
Mrugank Paranjape, MD & CEO,
MCX said, “We are pleased to have signed this MoU with SDiX. The MoU
will support the mutual interests of MCX and SDiX towards establishing price
discovery, enhancing transparency in prices and help the value-chain with a
risk management platform, in a commodity like Diamond in which India has a
significant global presence. MCX already has the patronage of the Bullion &
Jewellery value-chain in India. Through this association, both the exchanges,
as well as the market stakeholders they serve, will be able to capitalize on
the synergies, leverage knowledge and expertise to support innovations and
development in diamond trading.”
Mr.
Alain Vandenborre, Founder and Executive Chairman, SDiX said, “We are extremely happy to sign the MOU with MCX
which is India’s No. 1 commodity futures exchange. This partnership will help
us to further understand India’s derivatives market which has grown rapidly in
the recent years. Through this opportunity, we hope to achieve a win-win
situation for the prosperous development of the markets that MCX and SDiX cater
to India’s commodity derivatives market which is a fast growing market with
growing trading volumes and expanding product range. Today’s signing represents
another important milestone in its progress.”
About
MCX
Having
commenced operations on November 10, 2003, Multi Commodity Exchange of India
Limited (MCX) is India’s first listed, national-level, electronic, commodity
futures exchange with permanent recognition from the Government of India. The
current market share of MCX stands at 90%. MCX offers the benefits of fair
price discovery and price risk management to the Indian commodity market
ecosystem. Various commodities across segments are traded on MCX. These include
bullion, energy, metals and agri commodities. The exchange has forged strategic
alliances with various Indian and International commodity exchanges and
business associations. For more information about MCX and its products visit www.mcxindia.com.
About the Singapore Diamond Investment
Exchange
The Singapore Diamond Investment
Exchange (SDiX) is the world’s first commodity exchange in physically settled
diamonds. SDiX enables trading in diamonds as a commodity, opening a new asset
class for investors globally. SDiX offers standardized structures and norms for
the diamond-trading sector so that diamonds can be traded with the same ease as
other asset classes. SDiX is headquartered in Singapore and supported by a
global ecosystem of service providers focused on grading, vaulting, settlement,
and logistics. It operates as a fully regulation-ready exchange and entirely
independent of the diamond industry, and is supported by a number of leading
investors including Temasek. For more information visit www.sdix.sg.
For
further details, contact:
MCX - Shivani Sharma
Manager - Communications
Mobile: +91 9833376243
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