Save The Date 9 Nov 2014 Industry news  Middle East Gems & Jewellery Forum – 9th Nov 2014: Join jewellery experts, traders and enthusiasts at the inaugural Middle East Gems and Jewellery Forum 2014. Get involved in dynamic discussions, informative seminars and lively networking sessions at this influential industry event. For more information please click here  Diamond Dealers Face Loan Drought After Losing Bank: Antwerp’s diamond dealers, who buy and sell 80 percent of the world’s most valuable gemstones, have lost their bank. The Antwerp Diamond Bank, a source of finance for 80 years to the network of companies that trade, cut and polish in the Belgian port city, will stop lending after a sale by KBC Groep NV (KBC) to China’s Yinren Group collapsed last week. It’s likely to make loans scarcer in an industry that relies on debt to buy the dull, rough diamonds that are finished into jewellery. To read more click here  Closure of Antwerp bank may end speculative roughs trade: While the shutting down of the Antwerp Diamond Bank (ADB) has sent shock waves across the global diamond industry, a large section of diamond manufacturers in Surat are confident that the lack of bank finance would end speculative trading of rough diamonds by the dealers in Antwerp. To read more click here  Zim civic groups want audit of Marange firms before merger: Zimbabwean civic groups have asked Harare to audit all firms mining diamonds in Marange before streamlining their operations.This, they argued, would help shed light on their operations. The country’s mines minister Walter Chidhakwa previously said government would merge the six diamond firms, leaving only one or two to bring transparency and accountability. However, the move to streamline operations in Marange would be likely threatened by legal hurdles, experts say. To read more click here UAE local news  Turner to Project Manage Burj2020: DMCC announced today that Turner, has been appointed to project manage the ‘Burj 2020 District’ Development. Turner won the tender that saw several global project management firms pitch for the management of the commercial district set to be the next world destination for large corporates. The ‘Burj 2020 District’ is being constructed as a direct result of customer demand in particular from large corporates and multi-business entities and will provide companies with a commercial property offering unique to the Dubai marketplace. Benefits include single ownership, contiguous Grade A commercial office space in the heart of Dubai, close to metro stations, world-class cargo facilities, ports and airports that connect to over 220 destinations including the new Al Maktoum International Airport. To read more click here  Dubai enjoys status of global trading hub: Indian Institute of Foreign Trade: Dubai is no more confined to Middle East trading hub, but has now gained the status of global trading hub as it connects all the trading centres across the globe, said a top official of Indian Institute of Foreign Trade, or IIFT. For India, Dubai is emerging as a gateway to Africa as they require cost effective products. There is a great deal of synergy for both UAE and India to tap these markets as Dubai is also emerging as a global trading hub as it connects markets from across the globe. To read more click here  New market in the UAE for private firms: His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has launched the Second Market in the UAE financial markets. The launching of the Second Market, which is solely for trading of shares of private companies, is part of the SCA’s comprehensive strategy aimed at achieving leadership in developing the financial markets and in contributing to the development of the national economy according to the best international standards and practices, in line with the objectives of the UAE’s Vision 2020 and in enhancement of the UAE’s competitiveness positions in various international indicators, reports and podiums. To read more click here  UAE and GCC states see 50% rise in intra trade since 2008: The intra trade between the UAE and the GCC countries has seen a quantum leap of 50 per cent over the period from 2008 to 2013 (Dh64 to 96 billion). This was affirmed in an introductory workshop on GCC joint action decisions hosted by the UAE Ministry of Finance (MoF) in collaboration with the Cooperation Council for the Arab States of the Gulf. To read more click here  UAE banks credit growth seen at 8-9% in 2014-15: The UAE banking system credit growth was about 4% in the first five months of 2014 and international ratings agency Standard & Poor's expects around 8-9% credit growth for the sector in 2014-2015, in line with healthy economic. It expects certain Dubai-based banks to grow faster than their peers in Abu Dhabi as the former were fairly inactive in lending in 2009-2012. Since 2013, banks in Dubai have again focused on lending as most of them have significantly improved their asset quality and funding profiles. To read more click here