Press Release: The Dubai Diamond Exchange (DDE), a Dubai Multi-Commodities Centre (DMCC) platform, played host to the De Beers bankers executive briefing with over 60 delegates representing leading UAE based banks and financial institutions. The seminar aimed to raise awareness of diamond financing and how Dubai and its banks and financial institutions can further support the diamond trade.
The executive briefing was led by Howard Davies, the head of commercial development for De Beers, who noted, “The demand for diamonds will continue to grow in real value terms driven by the effect of the U.S. economic recovery and the continued growth of emerging markets, in particular China. In addition, the digital space is increasingly becoming an essential channel for both research and sales of diamond jewelry to consumers. Dubai has already cemented its position as a leading global diamond hub at the center of the trade and as a high-end jewelry consumer market – now is the time for banks and financial institutions to further invest in the appropriate financing structures that will enable further growth.”
Sonu Parikh, the CEO of Diarough, said, “Today marked an important milestone for the diamond industry in Dubai as it brought global industry leaders and the financial institutions of the future together to address requirements for funding but also to highlight how traders and financiers can further collaborate to ensure continuous growth.”
The DDE, by providing the diamond industry with world-class infrastructure, products and services required to trade with confidence, has quickly emerged as a key hub for the diamond industry globally.
Franco Bosoni, the director of commodity services for the DMCC, said, “It is a combination of the global shift in the flow of diamonds and Dubai’s foresight to build the infrastructure and the business friendly environment needed for the diamond industry to succeed, that has led to the thriving global marketplace we see in Dubai today.
“With the recent shifts in the set of key players that have traditionally financed the diamond industry, we see an opportunity for local and regional banks and financial institutions to provide liquidity to this industry. We therefore very much welcome that De Beers are providing guidance to local and regional institutions. Financing to the industry needs to evolve towards more transparent and securitised methods of financing,” said Bosoni.
The Dubai Diamond Exchange (DDE) is a DMCC platform and a leading diamond center based in Almas Tower. From buyers to sellers to service providers -- everything the industry requires in terms of infrastructure and a marketplace is available under one roof in a secure environment at Almas Tower including: DDE, vaulting, boiling, polishing, certification, transport and logistics services and the Kimberley Process Certification Scheme.
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