Commercial Bank of Dubai and DMCC (Dubai Multi Commodities Centre) Tradeflow have partnered with Rocks International to launch ‘Loans for Diamonds’ to provide trade finance loans by using diamonds registered with DMCC Tradeflow as collaterals. While DMCC Tradeflow will act as the central registry, Commercial Bank of Dubai will serve as the financer and Rocks International as the independent collateral manager.
Peter Baltussen, CEO of Commercial Bank of Dubai said: “This unique offering provides an innovative mechanism for diamond traders to use their diamonds as collateral for funding their business growth needs. We see this as a catalyst for the development of the diamond industry in line with Dubai’s position as a global diamond trading center and a hub for trade between the East and West."
‘Loans for Diamonds’ “will change the way rough diamond trade is financed. Establishing diamonds as collateral for loans with Tradeflow will not only add to DMCC’s complete portfolio of diamond trading products and services but also support increasing volumes of diamond trade through Dubai,” said Gautam Sashittal, CEO of DMCC.
← Back