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Antwerp port house
Belgian Banks Postpone Loan Repayments
Belgium has introduced emergency financial concessions to help companies survive the current downturn, offering businesses extra time to repay loans and meet tax obligations.The government and banks have agreed to postpone repayments of existing...
Financial-Legal Mar 30, 2020 Rapaport News
IIJS Signature 2020
India Eases Trade’s Financial Burden
India’s government has approved concessions to ease the financial situation for diamond and jewelry businesses after the country went into lockdown to curb the spread of the coronavirus.The finance ministry raised the minimum...
Financial-Legal Mar 25, 2020 Rapaport News
India GST
Indian Exporters Get Reprieve from Banks
Indian banks have agreed to offer special concessions to diamond exporters to help them deal with late payments resulting from the coronavirus outbreak.Companies will have extra months to repay loans they take to fund overseas...
Financial-Legal Mar 19, 2020 Rapaport News
Rough and polished diamonds
Pressure on Diamond Midstream Likely to Increase
Diamond manufacturers will consolidate in the coming years to avoid being further squeezed by miners and retailers, Bain & Company predicted in its annual report on the industry.The forecast stems from the midstream becoming anincreasingly...
Polished Markets Dec 12, 2019 Joshua Freedman
ABN Amro
ABN Amro Tightens Diamond Lending Terms
ABN Amro will implement changes to its guidelines for lending to the diamond industry in 2020, reasoning that the trade has become more efficient and now requires less credit.The midstream’s reliance on working capital...
Rough Markets Dec 12, 2019 Avi Krawitz
ABN Amro branch Capelle aan den IJssel
ABN Amro Restricts Rough-Sector Lending
ABN Amro has scaled back its financing of rough-diamondpurchases, citing a lack of profitability in the manufacturing and tradingsectors.The Dutch bank, which mainly lends to rough dealers, will only offer credit without proof of onward sale...
Financial-Legal Jul 15, 2019 Joshua Freedman
National Bank of Fujairah Antwerp launch April 201
Dubai’s NBF Enters Antwerp Lending Market
The National Bank of Fujairah (NBF) has launched arepresentative office in Antwerp as it looks to expand its business lending toestablished diamond traders. The Dubai-based bank targets wholesalers with secure sourcesof income and solid product...
Financial-Legal Apr 07, 2019 Joshua Freedman
ICICI HQ
India’s ICICI Bank Exits Antwerp
India’s ICICI Bank will shut its branch in Antwerp onMarch 29, becoming the latest lender to quit the Belgian diamond market. The move followed a strategic review of ICICI’s businessoperations in the country, a spokesperson for...
Financial-Legal Jan 09, 2019 Rapaport News
India 150
Indian Banks Slash Lending by 10%
Bank financing to India’s gem and jewelry sector has fallenat least 10% since April 1 due to stricter lending conditions, according to the trade’s export-promotion body.Credit providers tightened their rules after allegations inJanuary that...
Financial-Legal Jul 24, 2018 Rapaport News
ABN Amro 600
ABN Amro Scales Back Diamond Lending
ABN Amro is terminating its diamond and jewelry lendingbusiness in the US and the United Arab Emirates (UAE), the Amsterdam-based banksaid.The lender decided to end its services to the US industrydue to its “very small portfolio,” a spokesperson...
Financial-Legal May 21, 2018 Rapaport News
India
India Trade Looks to Ease Banks’ Concerns
India’s diamond industry is working to produceguidelines for banks to reduce their risks when lending to the trade. The nation’s Gem & Jewellery Export Promotion Council (GJEPC) has beencollaborating with the government and lenders...
Financial-Legal May 01, 2018 Joshua Freedman
AWDC Hong Kong show March 2017
Antwerp Body Joins India KYC Program
Trade organizations in Belgium and India are collaborating on an onlinenetwork to enable industry members to share know-your-customer (KYC) data witheach other.MyKYCBank, which India’s Gem & Jewellery Export Promotion Council (GJEPC) initially set up, lets...
Financial-Legal Dec 06, 2017 Rapaport News
Erik Jens ABN Amro
Erik Jens Steps Down as ABN Amro Diamond Chief
ABN Amro’s diamond and jewelry division will become partof its trade-and-commodity finance business under a restructuring that has seenthe Dutch bank appoint a new global head for its precious-stones unit.Geert van Reisen...
Financial-Legal Dec 03, 2017 Rapaport News
Antwerp
Bank Seizes Exelco’s Assets: Bloomberg
Belgian bank KBC Group has seized assets of Antwerp diamond firmExelco to recover unpaid loans, according to a report by Bloomberg this week.In an effort to recoup $29 million (EUR 26 million) fromExelco, the lender had bailiffs search...
Financial-Legal Jul 06, 2017 Rapaport News
Antwerp Diamond Fair
Banks Snubbing Belgian Diamond Trade: AWDC
Belgian banks are discriminating against the diamond tradeby not lending to anyone linked to the industry, the Antwerp World DiamondCentre (AWDC) has claimed.The AWDC has proof that banks are systematically refusingcustomers with...
Financial-Legal Apr 02, 2017 Rapaport News
birks mayors
Birks Credits Strategic Goals in New Deal
Birks Group has negotiated new credit terms that it sayswill enable continued implementation of its growth strategy. “We feel encouraged that our lenders have recognizedmanagement’s efforts to restructure the company and to improve the...
Retail Dec 26, 2016 Rapaport News
Israel Diamond Exchange
Israel’s FIBI Bank Tightens Terms for Diamond Trade
The Israel Diamond Exchange (IDE) pledged to contest adecision by First International Bank of Israel (FIBI) to tighten its lending standardsfor the trade.FIBI raised collateral requirements for the diamondindustry, prompting IDE president Yoram Dvash...
Financial-Legal Aug 18, 2016 Rapaport News
New York
NY Firm to Launch Diamond Industry Lending
The midstream diamond and jewelry industry is set to gainaccess to more than a billion dollars in loans from a New York-based lender that sees a “dire need” for funding in the sector.Excelsior Capital Ventures will start engagingwith...
Financial-Legal Aug 17, 2016 Rapaport News
James C. Polan OPIC
U.S. Backs Funding for Botswana Diamond Trade
The U.S. government has agreed to guarantee a $125 million loan to Botswana’sdiamond manufacturing industry to promote local job creation and strengthen thenation’s economic growth.The loan, provided by Barclays Bank of Botswana, will helpkeep activities such...
Financial-Legal Jul 26, 2016 Rapaport News
Shrenuj Botswana Diamond Factory
Shrenuj Seeks Legal Opinion Over Bank Action
Shrenuj & Co., a Mumbai-based diamond and jewelrymanufacturer, is challenging an order by India’s second-largest bank to seizeits assets and restrict the travel of its promoters.ICICI Bank on May 16 appointed a receiver for Shrenuj FarEast Limited, the company’s...
Manufacturing Jul 03, 2016 Rapaport News
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