Could the Cayman Islands Set up Diamond Exchange?

Finance and Trade
13/07/2015 10:18

A local businessman believes the islands are ideally placed to serve as a hub for diamond trading, being almost on the United States' doorstep. However, the Cayman Islands would face a range of hurdles, including being accepted by the KP, which could take two years, being accepted as a member of the World Federation of Diamond Bourses (WFDB), which could also be a lengthy process, and competition from the recently opened Panama Diamond Exchange. And then there is the somewhat negative public perception of the islands as a tax hideaway.
WFDB President Ernie Blom believes the idea could float, however, citing the example of Dubai as a diamond center established in just over a decade.