Rosy Blue, the Belgian-based diamond wholesale group on Thursday denied speculation that it is moving its headquarters to Dubai.

"We have moved some of our manufacturing to the Far East, and our IT and back office are working to India and Dubai, but we have absolutely no plans to move our head office from Antwerp," said Dilip Mehta, Rosy Blue�s CEO.

�Although India is well positioned in the manufacturing sector, the country has the highest tax rates in the diamond world," he said.

Another deferring factor was the sharp increase in real estate prices, he said.

"Antwerp looks well positioned and I believe post current restructuring of the local diamond sector it will come back very strongly. It is the only center where all the communities feel comfortable."