Singapore Diamond Investment Exchange (SDiX), the world’s first commodity exchange for physically settled diamonds, finally started trading last month.
The SDiX is a platform for investors to buy diamonds that are GIA-certified.
It has UOB Kay Hian as it’s pioneer broker and currently (till end of June 2016) UOB Kay Hian is giving a 10% commission rebate on diamond trades.
The trading hours of SDiX are between 1430hrs and 1830hrs and the total trading fees range from 1.35%-3.5%. The trading currency of the exchange is USD.
Only accredited investors (for individuals, defined as having net assets of S$2 million or annual income of S$300,000) can transact on SDiX which means that the man in the street will not be able to buy diamonds from SDiX.
Early investors in SDiX include Jim Rogers, Hsieh Fu Hua and Vertex Venture Holdings, a wholly-owned subsidiary of Temasek Holdings.
The founder of SDiX is Alain Vandenborre. Four years ago, he actually started Singapore Diamond Exchange (SDX). The SDX got into some trademark issues with the Diamond Exchange of Singapore (DES). I suppose the SDiX is the reincarnation of that old company.