The Indian Commodity Exchange (ICEX) said on Thursday that it would launch pepper and cardamom contracts in its platform in the near-future. Last year, ICEX had merged with National Multi Commodity Exchange (NMCE) creating the country\u2019s third biggest commodity exchange. The exchange was the first to launch the world's first diamond derivatives contracts in August last year. ICEX managing director and CEO Sanjit Prasad told FE that the exchange would focus on commodities in which India is relevant and could be the price maker. He added that the exchange launched derivatives in diamond and steel as India was a major player in both the commodities. \u201cIndia has a 70% share in cutting and polishing of diamonds and in steel we are the second largest market. We have a daily turnover of Rs 100 crore in diamond contracts and Rs 20 crores in steel. We are looking at a daily turnover of Rs 500-600 crores in diamond alone by the next quarter with Sebi approving foreign entities having actual exposure to Indian physical commodity markets to trade in the commodity market,\u201d he said. Prasad believes that the new provision could be a game changer and help in the growth of the commodity market. NMCE rubber contracts started trading in ICEX post Sebi approval on September10, 2018.Volumes and open interest is seen increasing consistently in rubber post the merger, he added.Currently, rubber contracts in ICEX have a daily share of `4-5 crores in the total daily turnover of `125- 130 crores. \u201cWe expect large players like tyre manufacturers to participate more in the rubber contracts as the tax rules states that companies with exposure to the physical market of one commodity can offset a gain or loss against a gain or loss in the futures market. Earlier it was treated as a speculative gain and taxed ,\u201d he said.