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Dubai Diamond Finance Grows as Antwerp Loses Lender: Bloomberg
Sep 16, 2015 3:06 AM
By Rapaport News
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RAPAPORT... Bloomberg News reports Dubai’s diamond trade will grow as the Middle East emirate attracts dealers from the industry’s traditional hub in Antwerp after one of the Belgium's main gem lenders closed, depriving buyers of needed financing.
National Bank of Fujairah, partly owned by the governments of Fujairah and Dubai, two of the seven sheikhdoms in the U.A.E., entered the diamond financing market about six months ago to capitalize on the shift in trade and is targeting loans between $5 million and $50 million, according to the report.
Diamond buyers will face a lack of financing after Antwerp Diamond Bank, the lender that served the industry for 80 years, winds up operations, removing about $1.5 billion in funding to the industry. ABN Amro Bank NV and Standard Chartered Plc also curbed funding to the industry.
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Tags:
Antwerp, lending, Rapaport News, uae
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