Dubai Diamond Finance Seen Growing as Local Banks Attract Trade - Bloomberg Business

Dubai Diamond Finance Seen Growing as Local Banks Attract Trade - Bloomberg Business:



"Dubai’s diamond trade will grow as the Middle East emirate attracts dealers from the industry’s traditional hub in the Belgian port of Antwerp after one of the city’s main lenders closed, depriving buyers of needed financing, according to National Bank of Fujairah.
“Do we anticipate a big shift of rough diamond traders to Dubai?” Davy Blommaert, unit head for precious metals and diamonds at National Bank of Fujairah, said in an interview Sunday. “Yes, that we foresee,” he said at the lender’s office in Dubai.
Dubai, historically a pearl center, is growing into a trading hub for the $57 billion global diamond market to take advantage of its transport links to India, the world’s biggest importer, and expanding financing available to the industry. Imports into the United Arab Emirates rose to $5.9 billion last year from $5.1 billion in 2013, according to the Kimberley Process, set up to stop the supply of blood diamonds from war zones."



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