A model poses with a vivid yellow 100.09-carat diamond and a 103.46-carat diamond ring at a Sotheby's auction preview in Geneva. Reuters
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Dubai's diamond trade will grow as the Middle East emirate attracts dealers from the industry's traditional hub in the Belgian port of Antwerp after one of the city's main gem lenders closed, depriving buyers of needed financing, according to National Bank of Fujairah.Dubai, historically a pearl center, is growing into a trading hub for the $57 billion global diamond market to take advantage of its transport links to India, the world's biggest importer, and expanding financing available to the industry.Much of that business will shift to Dubai as local lenders in the emirate offer more financing.National Bank of Fujairah will focus on expanding its business in Dubai for at least the next two or three years, he said. It competes with other local lenders like Dubai's government-owned Emirates NBD PJSC, Mashreqbank PSC and Commercial Bank of Dubai PSC, along with international banks like Standard Chartered and ABN Amro.
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