Qatar launches diamond exchange as Hormuz crisis chokes LNG exports
Qatar's new diamond exchange is an effort to diversify from the country's main exports, LNG and petroleum products, which have been severely cut as a result of the Iran war and the Strait of Hormuz crisis.
Qatar launched a diamond exchange on Monday as it seeks to diversify its economy in response to the Iran war and the near-total closure of the Strait of Hormuz, which has throttled its most lucrative exports of liquefied natural gas and other petroleum products.
What happened: The Qatar Diamond Exchange, launched by the Qatar Free Zones Authority, will operate from the Ras Bufontas Free Zone and offer trading, vaulting, certification, memberships and other industry services, the Qatar News Agency reported.
The exchange intends to establish a new gateway for global diamond trade in the country, connecting Doha with international markets and supporting Qatar’s economic diversification under its National Vision 2030 initiative.
According to QNA, Sheikh Mohammed Bin Hamad Bin Faisal Al-Thani, QFZ’s CEO and QDE’s chairman, said, “The Qatar Diamond Exchange represents an important step in Qatar’s efforts to further diversify its economy and strengthen its position as a trusted participant in global diamond trade.”
