(CNN) -- World athletics will have a new series of elite one-day meetings from 2010 after the International Association of Athletics Federation (IAAF) on Monday announced the launch of the Diamond League.
Double world record holder Usain Bolt will be among the star names contesting the Diamond League from 2010.
Twelve meetings, including events in China and the United States, have already signed up for the new circuit which will replace the current European-based Golden League after this year.
IAAF President Lamine Diack, who will act as chairman of the Diamond League, told the Federation Web site: "It has always been one of our dreams to see the circuit of our best meetings going to each corner of the world. And today, we are proud to say that the dream has come true."
Athletes from 32 events will compete in the new setup and all disciplines will have equal prize money with each meeting woth $416,000 in prize money.
Another incentive will be the IAAF Diamond Race where athletes with the most points in their individual events at the end of the series, will be awarded a four-carat diamond, worth approximately $80,000.
"The IAAF Diamond League will play a key role in supporting the IAAF World Athletics Series of championships, as well as athletics at the Olympic Games, by building up interest in athletics in the period leading up to and immediately afterwards the main event," a statement from the IAAF said.
Meetings so far confirmed are the London Grand Prix, British Grand Prix, Lausanne Grand Prix, Bislett Games Oslo, Stockholm DN Galan, Monaco Herculis, Paris-St-Denis Grand Prix, Memorial Van Damme Brussels, Prefontaine Classic Eugene, New York Grand Prix, China Golden Grand Prix and the Weltklasse Zurich.
Organizers hope they will be joined by DKB ISTAF Berlin, Golden Gala Rome and the Qatar Athletics Super Grand Prix in Doha with the final composition to be confirmed at the end of the 2009 track and field season.
"Thanks to the support of the meetings, we will be able to offer top class events that are based on solid financial foundations, provide the best organisational capability and serve to promote and develop the sport of athletics," added Diack.
The IAAF plan to engage the sport's top attractions such as world 100 meters and 200m record holder Usain Bolt of Jamaica on centralised contracts to ensure that the best athletes take part.