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Cayman Islands Diamond Exchange Sought By Local Promoter
Jul 13, 2015 5:00 AM
By Rapaport News
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RAPAPORT... A Cayman Islands jewelry maker is seeking to turn the British territory and tax haven into a North American-focused diamond trading center.
The territory’s minimal tax burden, its highly developed international banking infrastructure and proximity to the U.S., the world’s largest diamond consumer market, are the strengths being pitched by promoter and jewelry maker Dennis Smith.
The idea of an offshore bourse there was recently highlighted by Ernie Blom, the president of the World Federation of Diamond Bourses. He told The Cayman Islands Journal that a diamond exchange could successfully emulate the Dubai Diamond Exchange. He told the paper, which originally reported the story, that the territory could provide value-added support services to the diamond industry by improving the ease with which diamonds are imported and exported to North America.
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Tags:
bourses, Cayman Islands, diamond exchanges, Rapaport News
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