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Diamond Congress Zooms In on Lending

May 19, 2016 11:28 AM   By Rapaport News
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RAPAPORT...
Financing was the focus of the second day of the World Diamond Congress in Dubai as bankers and industry leaders called for transparency and careful financial management in the trade.

The need for the diamond business to improve working capital and reduce the manufacturing cycle time was stressed by Geert van Reisen, ABN AMRO’s head of strategy and portfolio management. Firms must also focus more on collecting receivables and inventory management, as well as shortening payment terms for rough and cutting credit terms for polished, he said on Wednesday.

The industry needs alternative funding institutions such as pension funds, insurance companies and other international banks who are not currently lending to the trade, van Reisen added.

The high-risk nature of the diamond industry from the perspective of the financial community and the critical need for improved transparency was brought sharply into focus by Howard Davies, De Beers head of commercial development.

“Transactions must all be with real clients and real invoices,” he said. “Sustainability multiplied by transparency equals bankability.”
Tags: ABN Amro, Banks, De Beers, finance, financing, Geert van Reisen, Howard Davies, lending, Rapaport News, World Diamond Congress
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