The Rs 600 crore Flawless Diamonds Ltd (FDL) is planning to acquire a Dubai-based diamond jewellery distribution company to set a foothold in the world’s fastest growing precious metals trading centre. The cost of acquisition is estimated at around $3 million (Rs 100 crore). “Currently talks are on to acquire this company which has a very strong distribution channel throughout Dubai and Europe. If plans goes favourably, all formalities for the acquisition would be completed by December this year,” said Rajeev Kamdar, director – Finance of the company without divulging name. Post acquisition, we would be able to access not only Middle East markets efficiently but also highly remunerative markets like Turkey, Europe and USA, he added. […]

India’s national commodity exchanges are trying to go global through equity route. Global commodity exchanges are queuing to pick up equity stakes in Indian commodity bourses. After India’s largest commodity bourses—the Multi Commodity Exchange (MCX) and the National Commodity and Derivatives Exchange (NCDEX)—divested stakes to foreign bourses, now it is the turn of the National Multi Commodity Excahnge (NMCE) to sell minority stake. NMCE, based at Ahmedabad in Gujarat and known for launching rubber futures in India for the first time, is in talks with the Singapore Commodity Exchange (SICOM) to divest stake. SICOM officials confirmed to Commodity Online that NMCE officials have held two rounds of talks with the exchange in the recent past. NMCE is said to be keen to divest 5% equity stake to SICOM as the exchange is mainly powered by futures trading in rubber. […]