Fujairah bank establishes financing unit for diamond industry

National Bank of Fujairah (NBF) has set up a specialised team focused on financing manufacturers and traders of rough and polished diamonds, says a report.

The newly established team, part of NBF's precious metals unit, will complement the bank's focus on the precious metals and jewellery sectors. The new office has been registered at Almas Tower, long the centre of Dubai's diamond trade, and is expected to start operations there in the summer, adds a report.

The report further added that the bank has brought on board industry experts from Antwerp Diamond Bank's operations in Dubai to run the business, which will primarily involve providing short-term purchase and sales financing to established diamond players as they ship raw diamonds from producing nations in the African and European continents to manufacturers in India and the Far East.