Sofia Mendelev
JID News


For centuries the Belgian city of Antwerp has been regarded as the top centre of the global diamond industry.  It outweighs cities such as New York and London, and countries such as South Africa when it comes to diamond–related commerce. 


Antwerp doesn?t have a vast wealth of raw diamonds lying beneath its streets.  No, Antwerp is the head of the processing of diamonds and the diamond trade.  There are craftsmen, tradesmen and other artisans who work there transforming the uncut, raw diamonds into beautifully polished and carved pieces of art. 


So, what does Antwerp, Belgium have to do with Dubai?  The two are not directly connected, but it is Dubai?s lucrative investor appeal that may be causing Antwerp some trouble.  You see, Belgian legislation requires frequent checks on the use of money obtained by firms from their diamond processing.  This lack of privacy defeats the original appeal of Antwerp when fewer questions were posed to diamond companies.  Now, the lack of privacy is luring companies away to Dubai with its tax–free zones. 


In addition, Dubai also has a convenient location which is close to several diamond–producing nations.  Another large appeal of the emirate is the fact that it has a low crime rate.  Antwerp has gained such infamy for its diamond industry that it has lured thieves to its streets in addition to diamond firms.  These thieves have pulled off some costly heists of the cities big companies.


Some of Antwerp?s finest firms have Dubai on their minds.  This would mean a whole new field of opportunity in Dubai for not only the real estate industry, but also logistics, business, trades people and crafts people. 

Source:Dubai: The Diamond Capital of the World?

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