DDE requests funding

The Dubai Diamond Exchange (DDE) has sought assistance from international diamond-financing banks to set up operations in Dubai to support the region’s diamond trade, reports Emirates Business 24/7.

Banks in India, Antwerp and other prominent funding associations across the world have been approached. DDE chief executive Youri Steverlynck mentioned that “more than half of the 265 DDE-registered diamond traders are Indian companies. The presence of more banks is needed to develop the bourse”.

“We are talking to the State Bank of India (SBI), ICICI Bank and Bank of Baroda to start full-fledged businesses in the exchange,” he added. Also talks seem to have been triggered with the government and the central bank. The Bank of Baroda, which was recently appointed as a clearing bank for the Dubai Gold and Commodities Exchange (DGCX), has started diamond financing on a selective basis.