Move over gold bugs! Futures traders in precious assets may have a new best friend: diamonds.
That’s if Martin Rapaport has his way. The chairman of the Rapaport Group, a source of pricing and other market information in the diamond world, first wrote a diamond-derivatives proposal for the New York Commodities Exchange back in 1982. It was rejected.
But Rapaport has been working on it ever since—and believes that creating a futures market for diamonds is well within reach. In fact, he’s aiming for a late 2016 to early 2017 launch.