Dubai may host a bank or financial source within two and a half years to credit trade operations in the diamond market. While Ahmed Bin Sulayem, Chairman and CEO of the Dubai Multi-Commodities Center (DMCC), said it was too early to talk about it, he added that such a tool was the “missing puzzle” in Dubai due to funding difficulties, according to a report by Gulf News.
“It’s not for profit that we are pushing to support this and if need be even invest ourselves in a bank," he said. "It is really to make sure that the diamond industry and traders do not have an excuse to look outside Dubai or DMCC. It’s going to happen one way or the other.”
DMCC's Dubai Diamond Exchange oversaw Dh91.8 billion worth of transactions in rough diamonds last year, the Gulf News report said. The commodities cluster hosted 19 rough diamond tenders... and its first one for emeralds. Last year, there was also the UAE’s largest ever rough diamond tender, which took place on the DDE floor, with 379,912 carats of rough diamonds sold, valued at Dh321.29 million.
“As much as it's a market opportunity, it's about the business. Bankers have also done a few studies on the diamond industry and that's within reach today,” said Sulayem. It “is not as mysterious as it used to be before; so I expect to see this, if not, maybe somebody from the crypto world will provide finance. But it's going to happen.”
Vladimir Malakhov, Rough&Polished
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