Stock - Diamonds
Dubai is closing the gap to be the world's biggest diamond trading hub. The deal last year between DMCC and its counterpart in Israel on diamond trade should help Dubai take the next decisive step. Image Credit: Clint Egbert/Gulf News

Dubai: Emirates NBD is stepping up financing available to Dubai’s diamond industry, by entering into a new agreement with DMCC, the free zone that specializes in the commodities trade. The bank’s target is to double its diamond financing portfolio by 2025.

The DMCC deal will help promote Emirates NBD’s financial products to UAE “diamantaires”, starting with the more than 1,000 registered members of Dubai Diamond Exchange (DDE). This is where the world’s largest diamond tender floor is located - at Almas Tower in Jumeirah Lakes Towers. (Diamantaires can be diamond manufacturers, a master diamond cutter or gemologist specialized in diamonds.)

DMCC and Dubai have over the last few years taken several steps to consolidate the city as one of the hubs in the global diamond trade, on par with London, New York and Antwerp. 

Dubai's current position as a global leader in both the gold and diamond markets is intrinsically tied to the UAE Cabinet's decision to learn from the past mistakes of other global economies and reverse the 5% value added tax for investors at a wholesale level in May 2018

- Ahmed Bin Sulayem of DMCC and Dubai Diamond Exchange

Dubai has transformed into the world’s second largest diamond trading center, with trade valued at $17.5 billion last year against $3.5 billion in 2003. "Dubai is close to becoming the world's largest diamond hub, having significantly closed the gap with Antwerp for rough and polished trade volumes," said Ahmed Bin Sulayem, Executive Chairman and CEO, DMCC and Chairman, Dubai Diamond Exchange.

"Thanks to the efforts of banks such as Emirates NBD, Dubai is also making financial access easier for diamantaires, resulting in an exciting time for the international diamond trade. We are certain that the same success story can be replicated for related businesses such as colored gemstones and lab-grown diamonds, which are currently non-existent, providing a similar level of support is granted."