De Beers Bankers Executive Briefing on diamond financing hosted at Almas Tower
The Dubai Diamond Exchange (DDE), a 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, 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 US 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 jewellery to consumers. Dubai has already cemented its position as a leading global diamond hub at the centre of the trade and as a high end jewellery consumer market – now is the time for banks and financial institutions to further invest in the appropriate financing structures that will enable further growth”.
“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”, Sonu Parikh, CEO, Diarough, added.
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.
“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 Franco Bosoni, Director – Commodity Services, DMCC.