De Beers Gives Bankers Executive Briefing at Dubai Exchange

Howard Davies making the Bankers Executive Briefing.

(IDEX Online News) – Senior De Beers official Howard Davies presented a Bankers Executive Briefing at the Dubai Diamond Exchange (DDE) to more than 60 delegates representing leading UAE based banks and financial institutions.

The seminar aimed to raise awareness of diamond financing and how Dubai and its banks and financial institutions can further support the diamond trade.

Davies, Head of Commercial Development for De Beers, said: “The demand for diamonds will continue to grow in real value terms driven by the effect of the U.S. economic recovery and the continued growth of emerging markets, in particular China. In addition, the digital space is increasingly becoming an essential channel for both research and sales of diamond jewelry to consumers.

"Dubai has already cemented its position as a leading global diamond hub at the center of the trade and as a high end jewelry consumer market – now is the time for banks and financial institutions to further invest in the appropriate financing structures that will enable further growth.”

Commenting on the event, Diarough CEO Sonu Parikh said, “Today marked an important milestone for the diamond industry in Dubai as 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.”

Franco Bosoni, Director – Commodity Services, DMCC, said the diamond industry was succeeding in Dubai due to "a combination of the global shift in the flow of diamonds and Dubai’s foresight to build the infrastructure and the business friendly environment needed for the diamond industry to succeed".

He added: “With the recent shifts in the set of key players that have traditionally financed the diamond industry, we see an opportunity for local and regional banks and financial institutions to provide liquidity to this industry. We therefore very much welcome that De Beers are providing guidance to local and regional institutions. Financing to the industry needs to evolve towards more transparent and securitized methods of financing."