Finance Secured for Vietnam Diamond Exchange
January 20, 25
(IDEX Online) - Financial backers say they have secured billions of dollars to establish Asia's first-ever combined rough and lab-grown diamond exchange.
Philux Global Group said (on Friday, 17 January) it had signed a $5bn private investor contract partnership agreement to build the Asian Diamond Exchange (ADE) and the International Financial Center (IFC), both in Vietnam.
It says the ADE will be a modern bourse with diamond activities grouped together in a newly-established free trade zone, with tax amnesties, in Ho Chi Minh City.
"The Diamond Buildings will provide a secure and closed environment that houses everything a diamond trader needs under one roof, the first-ever combined rough and lab-grown diamond exchanges in the Asian hemisphere," the company said in a press release.
"The Asian Diamond Exchange will be established in conjunction with the International Financial Center following the model of Dubai, UAE and the success stories of other prominent international financial centers."
The ADE project will be home to lab-grown diamond manufacturing and trading activities, as well as rough diamond trading centers.
Diamond polishing facilities will be located near the new Long Thanh International Airport, currently being built in Dong Nai province bordering Ho Chi Minh City.
ADE will serve as a central hub for consumers in China, as well as Singapore, Malaysia, Thailand, Indonesia, Cambodia, Korea, Japan, and Hong Kong.
Philux Global Group, describes itself as a Luxembourg group of bank funds, which is developing a major renewable energy program as well as the diamond and finance projects in Vietnam.