SINGAPORE DIAMOND INVESTMENT EXCHANGE (SDiX), is ready to launchthe world’s first ever diamond exchange which allow diamonds to be traded at real time transactional, wholesale prices will go live in Singapore from September,2015.
SDiX funded by Temasek subsidiary Vertex Ventures and this is set up by Alain Vandenborre, an entrepreneur who has a controlling stake in SDiX and has potentially more than 25 Pioneer members for the launch of SDiX.
Till now diamonds were traded on mutual basis where retailers buy from polishers and consumers buy it from retailers but now with the launch of of SDiX, customers can trade diamond under one roof.
Chief Operating Officer of SDiX,LATIKA KUNDU said that they are expecting a turnover of $ 250 million in the first year(2016),and it is expected to double it in the year 2017.
Indian diamond companies around 25 companies are Pioneer members for the launch which includes Paragon Diamonds, Kiran Gems, SRK, Hari Krishna Exports, Rosy Blue, Sheetal Group, Leo Schachter Diamonds, K P Sanghvi, Kapu Gems and UOB Kay Hian.
The exchange is capable of handling 500,000 transactions per second.For payment settlement United Overseas Bank is selected.
Jim Rogers and Hsieh Fu Hua as angel investors for SDiX.
International Enterprise Singapore (IE Singapore), the official agency promoting international trade and helping Singapore companies expand overseas, is assisting SDiX through its Global Company Partnership (GCP).