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, April 15, 2015: The Second Dubai Diamond Conference, being held April 21-22, will highlight one of the most pressing issues affecting the global gems trade: Diamond Finance. The subject is the focus of a special panel, among five to be held during the two-day gathering at the Dubai Diamond Exchange (DDE), which will bring together leading diamond and jewellery industry figures from across the globe.
Diamond Financing is an issue of growing importance to the diamond trade worldwide as banks from India, Dubai and elsewhere move into the market following the departure of some traditional European institutions. National Bank of Fujairah’s recent decision to move its diamond finance office to Almas Tower in the DMCC is an indication that the trend is continuing to gather momentum.
Hundreds of participants are expected at the Dubai Diamond conference, to be held at Almas Tower, the Middle East’s tallest commercial building and home to over 1,000 diamond, precious metals, precious stones and jewellery companies.
The Diamond Finance Panel will be moderated by Mr. Peter Meeus, Chairman of Dubai Diamond Exchange and Mr. Pierre De Bosscher, Former CEO of Antwerp Diamond Bank.
Panel members will be: Mr. Davy Blommaert, Unit Head Diamonds and Precious Metals of National Bank of Fujairah; Mr. Rajiv Jain, Regional Head G.C.C. Diamond & Jewellery Clients of ABN AMRO; Mr. George Abraham, General Manager – Strategic Growth Sectors of Emirates NBD; Mr. Kishore Lall, Global Head Diamond and Jewellery of Standard Chartered; Mr. Santosh Nair, Unit Head – Vice President of Large Corporates of Mashreq Bank; Mr. Jim Konjuhi, Business Development Manager of Brinks Global Services UAE; Mr. Russell Mehta, Managing Director of Rosy Blue India.
Mr Meeus, who is also Organiser of the Conference, said: “Liquidity has become an important element in the future of the trade. Diamond financing has recently gone through some rough times. Players that dominated for several decades have disappeared, the influence of others has diminished. A huge number of Indian banks have entered the market in the last ten years. It is encouraging to see that new local Dubai based banks are now engaging with the industry. We hope with the Diamond Financing Panel to open the debate for further involvement of more local banks as well as for new methods and ideas to anchor solid and well financed diamond companies in Dubai’s financial hub.”
Mr. Pierre De Bosscher, Former CEO of Antwerp Diamond Bank said: “I think there is a unique momentum for local banks in Dubai to start financing the diamond industry. The withdrawal of ADB and the lesser appetite from other major European financiers will not only incite the business to move East but also create a great opportunity for local banks to build up an important and sound credit portfolio of global players in the industry.”
The other three panels at the conference will focus on: Africa First, Ethical Trade, and Retail in Difficult Times.
Ahmed Bin Sulayem, Executive Chairman, DMCC, said: “I am delighted that the second Dubai Diamond Conference has an agenda that is very relevant for the future of the diamond industry and a strong line-up of speakers. I look forward to new insights and new progressive steps being taken for the benefit of the diamond industry.”
Registration for the conference has started. More information can be found on the Dubai Diamond Conference website: http://www.diamondconference.ae/
