DUBAI TO BECOME 2ND LARGEST DIAMOND TRADING HUB WITHIN A YEAR, DMCC CHIEF SAYS

Dubai – currently the fourth largestdiamond trading center in the world – is on its way to becoming the second-largest diamond trading hub within a year, the executive chairman of the Dubai Multi Commodities Centre said Monday.

Ahmed Bin Sulayem, attending the 5th Arabian Business Forum, spoke to the Arabian Business news website, saying he believed he would see diamond trade through Dubai continue to grow.

Bin Sulayem noted that the growth of Dubai’s industry depended on bank’s willingness to extend credit to its diamantaires.

The DMCC chief said that while Israel was a “very strong competitor,” it was not “as relevant as it used to be,” observing that Israel was a center of trade rather than of diamond production.

-The Israeli Diamond Industry