DMCC’s Special Advisor Diamond Banking Resigns
March 31, 09
Jean van der Donckt, who served as special advisor - diamond banking at the Dubai Multi Commodities Centre (DMCC), announced on Tuesday his resignation. Van der Donckt cited the weakness of the Dubai diamond market, activity restrictions and recent changes at DMCC’s diamond division.
Van der Donckt wrote in an emailed announcement that “In order to minimize the adverse impact of this financial crisis, the DMCC has taken very strict measures around budgets, spending, business plans, organization and activities.”
“In view of this major and unexpected organization change,” he adds, “the imposed activity restrictions at the DMCC and the harsh diamond market conditions here in Dubai, I have decided in consultation with the CEO of the DMCC not to request for an extension of my directorship contract and to be released from my responsibilities.”
Van der Donckt said that he is leaving the DMCC “without any joy” and returning temporarily to Belgium. “I will remember Dubai as a fascinating place where it was good to live, but will now always recall that historical foundations are the strongest one,” he concluded.
The former Antwerp Diamond Bank executive was appointed in October 2007 at time when Dubai sought to increase the banking presence in its diamond center. He was in charge of developing the international diamond industry's credit access from commercial banks in Dubai. Currently there are several banks in Dubai that extend credit to the diamond industry.