UAE diamond trade set to touch $13.5b

Dubai: The UAE's diamond trade is projected to touch $13.5 billion this year, according to a senior official of Dubai Multi Commodities Centre (DMCC).

"Diamond trade in the UAE has witnessed tremendous growth in the past few years with trade volumes expected to touch to $13.5 billion this year, up from $11.5 billion in 2007. However, ready access to diamond financing is crucial in order to translate transshipment trade through Dubai's ports into physical trade within the emirate," said Jean Van der Donckt, director, Diamond Finance, DMCC, said on Saturday.

The diamond trade is extremely capital-intensive. HSBC has recently established a diamond-banking unit to finance the local and regional diamond trade.

HSBC's new unit will provide a full range of financial services to this sector.