(MENAFN – Khaleej Times) HSBC has established a diamond banking unit to finance the local and regional diamond trade.

Jean Van der Donckt, Director, Diamond Finance, DMCC, said: “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.”

“The diamond trade is extremely capital-intensive, and recent studies estimate local diamond banking needs in excess of $2 billion, with finance being sought for all activities,” he added.

Ajay Bhandoola, Head of Diamonds & Precious Metals, HSBC Bank Middle East Ltd said: “With the initiatives of the government we do believe that Dubai has enormous potential and growth opportunities in this sector. We are very keen to work with the DMCC and the diamond, jewellery and precious metals community to develop Dubai into a major global centre for diamonds and precious metals. HSBC’s new unit will provide a range of financial services to this sector to be able to add value to the industry.



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