Kuwait diamond market can expand substantially- specialists
Date
2/21/2016 10:07:08 PM
(MENAFN- Kuwait News Agency (KUNA)) KUWAIT Feb 21 (KUNA) -- Kuwait diamond market is prone to develop into a fully-fledged market for trade in the precious gem largely due to the high purchase power among a large segment of the Kuwaiti population according to experts.The specialists who were speaking on Sunday at a news conference held by the World Diamond Council (WDC) for the first time in Kuwait as well as in the whole Gulf affirmed significance of the activity for boosting the trade in the expensive gems.Hamed Rajab Chief Executive Officer of Sabaek Al-Kuwait Company shed further light on the WDC current mission in the country indicating that the Council's specialists would examine samples of the diamond and other precious jewels in the local market and would give guidance to domestic traders on how to develop and protect the business.Most states have established special bourse for diamond trade Rajab said indicating that such a market is necessary to boost diamond investments. He also indicated that the WDC was ready to train local diamond dealers and help them cope with some difficulties in the business.Mehmet Can Ozdemir an internationally-acclaimed diamond expert said at the news conference that the WDC could give guidance on how to avert deception and fraud in the diamond trade opining that the Kuwaiti diamond market "is not of less importance when compared to international markets such as Dubai China and Hong Kong." He also indicated that the local market could be enlarged with partnership between the public and private sectors in addition to employment of modern techniques in the manufacturing phase.Wouter Vansteelant a Belgian specialist said the diamond trade largely depends on individuals' expertise then on capital indicating that such factors are available locally.Kuwaitis have been known for a long time of involvement in trading in gems namely pearls.Sabaek Co. is planning workshops with the WDC aimed at giving advanced guidance to people working in the sector in the local market. (end) skm.rk
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