RapNet


Rapaport News

 

Financial-Legal

 

Advanced search
Latest Articles
Videos
Features
News
Mining
Rough Markets
Polished Markets
Manufacturing
Retail

Dubai Diamond Finance Grows as Antwerp Loses Lender: Bloomberg

Sep 16, 2015 3:06 AM   By Rapaport News
Print Print Facebook Facebook Twitter Twitter Share Share
RAPAPORT... Bloomberg News reports Dubai’s diamond trade will grow as the Middle East emirate attracts dealers from the industry’s traditional hub in Antwerp after one of the Belgium's main gem lenders closed, depriving buyers of needed financing.

National Bank of Fujairah, partly owned by the governments of Fujairah and Dubai, two of the seven sheikhdoms in the U.A.E., entered the diamond financing market about six months ago to capitalize on the shift in trade and is targeting loans between $5 million and $50 million, according to the report.

Diamond buyers will face a lack of financing after Antwerp Diamond Bank, the lender that served the industry for 80 years, winds up operations, removing about $1.5 billion in funding to the industry. ABN Amro Bank NV and Standard Chartered Plc also curbed funding to the industry.
Tags: Antwerp, lending, Rapaport News, uae
Similar Articles
Lab-grown rough diamondIndia Differentiates Synthetics Imports
Jul 14, 2019
India has introduced an import classification code solely for lab-grown...
India Hikes Import Tax on Precious Metals
Tariffs, Taxes Top JA Washington Agenda



Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
  
twitter twitter
About Rapaport
Advertise with us