Diamond financing will be one of the key talking points at the upcoming Dubai Diamond Conference, says the Dubai Multi Commodities Centre (DMCC).
An international panel of bankers are set to gather for ‘Banking in the times of the New Silk Route,’ a discussion moderated by industry analyst Chaim Even Zohar.
“The diamond industry weathered the storm of the global financial crisis without serious debt defaults and diamond prices are now reaching historical heights,” Zohar said.
“This is a testimony to the financial acumen, resiliency, and soundness of the business. However, although the fundamentals of the industry look stronger than ever, unexpected scarcity of liquidity may hamper its growth. In light of this, the Dubai Diamond Conference will enable bankers and pipeline players to explore how to jointly manage the diamond industry’s evolving economic and regulatory environment to secure its continued growth and prosperity.”
Panelists include: Dirk Dullaert, senior vice-president and head of international relations for Antwerp Diamond Bank; Erik Jens, chief executive officer (CEO) of ABN Amro’s diamond and jewellery division; and Kishore Lall, managing director and global head of diamond and jewellery/wholesale banking—origination and client coverage of Standard Chartered Bank.
“In 2011, the Dubai diamond trade recorded an annual turnover of over $39 billion US,” said Peter Meeus, chair of the Dubai Diamond Exchange.
“One of the most crucial contributing factors to this growth was the support demonstrated by international financial institutions, many of which are based outside the UAE. The global Dubai Diamond Conference will certainly attract more UAE-based banks into financing a business that has become a significant element of Dubai’s foreign trade.”
The inaugural conference takes place March 18 to 19 at the Almas Tower in Jumeirah Lakes Towers, home to the Dubai Diamond Exchange.
