Anglo’s sale of De Beers hindered by diamond market state
Anglo American has warned of more production cuts at De Beers due to reduced spending by Chinese consumers prolonging the market downturn.
Dubai, UAE: 16 May 2016: The Dubai Diamond Exchange (‘DDE’), a DMCC platform, is hosting its 2nd Dubai Diamond Finance Seminar (DDFS) on ‘Alternatives of Diamond Financing’5pm tomorrow at 17 May 2016 at the Almas Conference Centre, Dubai, UAE.
To be integrated into the 2nd day of the 37th WFDB World Diamond Congress and hosted by Peter Meeus, Chairman, DDE, the aim of the seminar is to raise awareness of diamond financing options and how Dubai’s trade infrastructure, banks and financial institutions can further support the industry.
“Securitisation, credit insurance and asset backed trade finance are new ways of bringing diamond financing to the next level. Dubai is one of the few places that has already made this option available to market participants one of many reasons why we want to see how we can further build on this with representatives of the worldwide trade to explore financing methods”, Mr. Meeus said.
Speakers include:
– Rajiv Jain, Head United Arab Emirates Diamond & Jewellery Clients, ABN-Amro
– Biju Patnaik, Head – Gem & Jewellery Segment, IndusInd Bank Limited
– Davy Blommaert, Unit Head for Precious Metals and Diamonds, National Bank of Fujairah
– Alain Vandenborre, Executive Chairman & Founder, SDiX
“In the same way gold has become a type of collateral for banks since 2011 or a collateral on Futures Contracts with exchanges like the DGCX, the establishment of a transparent daily spot pricing will unlock diamonds to be a form of collateral for investors and suppliers and a futures market will provide hedging and other structured trade finance solutions”, Alain Vandenborre, Executive Chairman & Founder, SDiX.
Dubai Diamond Finance Seminar, 5pm 17 May 2015
Almas Conference Centre, Almas Tower, Jumeirah Lakes Towers, Dubai
