Bolstered by strong macro economic fundamentals and robust physical and business infrastructure, Dubai has quickly established it self as a rough diamond centre over the last decade. The emirate's diamond trade has grown in value from less than $5 million in 2001 to nearly $35 billion in 2013. With deep experience in financing the jewellery industry since 2002, the National Bank of Fujairah (NBF), extended its presence into diamond financing in February 2015. With traditional diamond banks exiting the business, NBF chose to support the diamond industry, building on its experience of having helped finance the growth of the gold bullion and jewellery financing business.

In the last decade, Dubai has established itself as one of the emerging hubs for the rough diamond trade industry, lending its credibility to the growth of the global industry. The need to follow various internally recognised standards among other reasons forced financial partners to withdraw from the industry, leaving room for new banks to enter the business and take on strong clientele. NBF's decision to address this funding gap, helped establish its position as a partner to the diamond industry.

In creating an ecosystem where the diamond industry now has easy access to capital, NBF was able to help Dubai establish itself as a rough diamond hub. As the industry grew within the UAE, and in turn NBF became more embedded in the business, it made the decision to open a representative office in Antwerp to better cater to its client requirements. The diamond industry's need for globally accessible financing accelerated the development of new solutions, and the deployment of resources for the success of the industry and clients who are leaders in the international diamond trade. By leveraging its market expertise alongside the bank's team of industry experts, NBF established strong relationships with diamantaires and demonstrated its capability to meet their sophisticated import and export financing needs.

Today NBF's diamond financing team is focused on enabling shortterm trade finance products to established rough and polished diamond traders and manufacturers. The bank's diamond financing service is staffed by a team of industry experts and advisors with unrivalled sector specific knowledge tailored at understanding clients' business and personal needs in the UAE and beyond. A world-class compliance and risk management platform also underscores NBF's ability to stay ahead of risks and builds partnerships with other financial institutions in the other diamond centres.

As the industry continues to grow aligned to the global demand for diamonds, NBF is uniquely positioned to support the long-term growth of the industry and continue building unique solutions to facilitate the development of the diamond trade.