Dubai to Provide Financing for Diamond Dealers
May 24, 21
(IDEX Online) - The Dubai Diamond Exchange (DDE) could set up its own bank to provide financing for dealers.
The move is designed to attract more business to a hub that opened in 2002 and last year saw $25bn of rough diamond transactions.
Ahmed Bin Sulayem (pictured), executive chairman and CEO of Dubai Multi-Commodities Centre (DMCC) where the exchange is located, said he recognized the need for finance, and believed it could be made available within as little as a year.
"It's going to happen one way or the other," he told the Gulf News website.
"It's not for profit that we are pushing to support this and, if need be, even invest ourselves in a bank.
"It is really to make sure that the diamond industry and traders do not have an excuse to look outside Dubai or DMCC."