Delgatto Diamond Fund Snaps Up Major Bank Exec

RAPAPORT… Rajiv Jain will join Delgatto Diamond Finance Fund as regional director to spearhead the company’s growth in the United Arab Emirates (UAE) and India.

Jain, the former head of ABN Amro’s diamond and jewelry business in Dubai, has more than 30 years of experience in providing funding to the trade, Delgatto said Monday.

“[Jain] has a solid understanding of the industry and will be instrumental in both managing our growth, as well as achieving Delgatto’s objectives in the region,” said R. Andres Lucas, managing director of Delgatto. “Moreover, as alternative financing becomes the standard for much of our industry, we see key people like Rajiv leaving the traditional structures.”

The new recruit will join Pierre De Bosscher, previously CEO of Antwerp Diamond Bank, who runs Delgatto’s operations in the Belgian city.

“We are pleased to continue our investment in Dubai, as the DMCC [Dubai Multi Commodities Centre] and the UAE have done a remarkable job in positioning Dubai as a global hub for the industry and establishing our operations here is a natural corollary,” said founder Chris Del Gatto.

New York-headquartered Delgatto describes itself as the largest non-bank lender to the diamond and jewelry trade, providing funding to miners, smaller polished dealers, traders, retailers and manufacturers.

Image: Rajiv Jain. (Delgatto Diamond Finance Fund)