SINGAPORE, July 1 -- Singapore Diamond Investment Exchange Pte Ltd (SDiX) will launch the world's first commodities exchange in physically settled diamonds in Singapore, SDiX said on Wednesday.

Targeted to go "live" in September, the new platform will utilize exchange technology to create a new marketplace for the global diamond trade, which is designed to deliver price transparency and liquidity to the diamond market through a real- time price discovery mechanism.

The mechanism allows diamonds to be traded as a commodity, thus enabling the creation of a new asset class, said SDiX.

Alain Vandenborre, executive chairman and controlling shareholder of SDiX, said the platform will provide a self- regulated marketplace for both diamond and financial traders as well as accredited investors to acquire stones at a market price that is driven by real time transactional data.

"This will result in the homogenization of diamonds, simplifying the manner in which they are valued and hence allowing them to be traded as a commodity," he added.

Founded by Alain Vandenborre, SDiX has potentially more than 25 Pioneer Members for the launch, comprising Approved Suppliers and Broker Members.

The exchange is backed by Vertex Ventures Holdings, a fully- owned venture capital subsidiary of Temasek Holdings, and it's also supported by Jim Rogers and Hsieh Fu Hua as angel investors.

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). GCP will support SDiX in building up capabilities in manpower and branding, as well as overseas rental for marketing/representative offices.

The exchange will start with two dedicated physical vaults, one in Singapore and the other operated in Bharat Diamond Bourse's facilities in Mumbai, India.