(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.

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......