Dubai to Provide Financing for Diamond Dealers

By John Jeffay / May 24, 2021 / www.idexonline.com / Article Link

(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."

Recent News

Uranium volatility after Russia's US export restrictions

November 25, 2024 / www.canadianminingreport.com

Gold stocks rebound on metal bounce and equity rise

November 25, 2024 / www.canadianminingreport.com

Crypto market size continues to catch up with gold

November 18, 2024 / www.canadianminingreport.com

Crypto stealing some of gold's thunder

November 18, 2024 / www.canadianminingreport.com

Gold stocks drop on metal price decline

November 11, 2024 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok