The Dubai Diamond Exchange (DDE) hosted nearly 60 delegates from leading banks and financial institutions in the UAE at the De Beers Bankers Executive Briefing, a seminar addressed by Howard Davies, Head of Commercial Development for De Beers. The focus of the event was to raise awareness of diamond financing and how Dubai and its banks and financial institutions can further support the diamond trade.

Davies reaffirmed his company’s understanding that the demand for diamonds would continue to rise in real value terms, buoyed by the economic recovery in the US and the strong growth in emerging markets, particularly China. He also stressed that the digital space is “increasingly becoming an essential channel for both research and sales of diamond jewellery to consumers”.

Discussing the significance of the event, he said, “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.”

Sonu Parikh, CEO, Diarough described the seminar as an important milestone for the diamond industry inDubai. ”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.”

Welcoming the guidance being provided to the local banks and institutions by De Beers, Franco Bosoni, Director – Commodity Services, DMCC said that the “recent shifts in the set of key players that have traditionally financed the diamond industry” and the related liquidity issues, have created opportunities for local and regional banks and financial institutions. “Financing to the industry needs to evolve towards more transparent and securitised methods of financing”, he added.