SINGAPORE - The Singapore Diamond Investment Exchange (SDiX), world's first and only commodity exchange trading in physically settled diamonds, said on Thursday (Mar 10) that Singapore-based securities firm UOB Kay Hian has joined the SDiX platform as its pioneer broker.
This means UOB Kay Hian will be able to offer its accredited investors the chance to invest in diamonds as an asset class.
Its affiliates like UOB Kay Hian (Hong Kong) and UOB Kay Hian (Thailand) will have the same access.
This also means that SDiX can use UOB Kay Hian's networks in Singapore, Hong Kong, Malaysia, Indonesia and Thailand, to give accredited investors a chance to trade in immobilised single stones and "baskets" - fungible collections of investment-grade diamonds.
Stones traded on SDiX are GIA-graded and buyers of single stones can examine certifications through the platform.
The baskets have an identical number of stones and total weight, and contain stones of identical cut, clarity and colour.
Both single stones and baskets can be traded electronically on a price or time priority in a continuous market. Buyers can place indicative price bids by the diamond category.
SDiX founder Alain Vandenborre said in a statement: "Partnerships with leading institutions such as these underline the rapidly growing demand among investors and investment managers globally for new opportunities in diamond-backed investments."