how will Dubai succeed in getting the leading diamond banks?
That is pretty simple: banks have to follow their clients. As a result, ABN AMRO already started a diamond desk in Dubai some time ago and the Antwerp Diamond Bank Group is now busy with setting up a representation in Dubai which should be operational some time soon in 2005. What can be done to assure Antwerp’s leading position? It is pretty clear that Antwerp will have it very difficult to fully smooth away the differences between itself and Dubai. Only think about Dubai’s favourable regulatory environment, its attractive location and the future potential of the Middle East market. What can be done, perhaps, is to work together with the government to create a more balanced “level playing field”, meaning that the same rules should be applied everywhere. However, it is pretty obvious that Dubai will not see great benefit in adopting more rigid legislation. Why, in the end, should it as it is recognised to be KP compliant, member of the World Federation of Diamond Bourses and making clea
