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Union Bank
Israel’s Union Bank Sells Diamond Portfolio
Israeli finance company Peninsula has agreed to buy Union Bank’s diamond business, pledging to continue offering loans amid a shortage of credit in the domestic industry.Peninsula will pay between 55% and 70% of the loan portfolio’s...
Financial-Legal Jul 14, 2020 Rapaport News
Bank Leumi Beersheba branch credit.
Israel’s Bank Leumi Eyes Return to Diamonds
Israel’s Bank Leumi has entered the bidding to acquire Union Bank’s diamond-lending business, signaling a potential return to the industry following a six-year absence.The move pits the lender against Peninsula, another Israeli credit provider,...
Financial-Legal Jun 11, 2020 Rapaport News
Rupees.
Indian Credit Down 18% Since Banking Scandal
Lending to India’s gem and jewelry industry fell 18% during the past two fiscal years as the 2018 Nirav Modi banking scandal continued to fuel caution among banks, according to credit agency CARE Ratings.Outstanding...
Financial-Legal Jun 07, 2020 Rapaport News
Melee diamonds at De Beers Group Industry Services
India’s Cutting Sector Faces Decade-Low Revenues
India’s polishing revenues will plummet to their lowest in a decade this year, as prices have dropped and inventory has built up, a credit agency has warned.Diamond sales will decline up to 32%, to $13 billion to $15 billion,...
Polished Markets Apr 28, 2020 Rapaport News
Jewelry store
JBT Chief Predicts Rise in Bankruptcies
Earlier this month, the Jewelers Board of Trade (JBT) said it would issue two parallel ratings in its company credit reports to show the effect of COVID-19 on liquidity. In an April 6 interview with Rapaport News, Erich Jacobs,...
Financial-Legal Apr 20, 2020 Joshua Freedman
Erich Jacobs
JBT Amends Credit Reports to Account for COVID-19
The Jewelers Board of Trade (JBT) will issue two parallel credit ratings for companies during the current crisis to reflect the impact of the shutdown on cash flow.The organization’s credit reports, which score jewelers’...
Retail Apr 07, 2020 Rapaport News
De Beers Orapa mine
Market Slump Prompts Botswana Downgrade
S&P Global Ratings has lowered Botswana’s credit rating, citing weaker diamond revenues because of the current global recession.The credit agency downgraded the country’s long-term sovereign credit rating to “BBB+” from “A-,” indicating...
Mining Mar 30, 2020 Rapaport News
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
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
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
Stornoway
Weakness in Low-Value Stones Hits Stornoway
Stornoway Diamond Corporation’s sales fell in the finalthree months of last year as weakness in the Indian market dented prices oflower-value rough from its Renard mine in Canada. Fourth-quarter proceeds dropped 35% to CAD 32.1 million($24.2...
Mining Jan 20, 2019 Rapaport News
Union Bank Antwerp
India’s Union Bank Leaves Antwerp
Union Bank of India willclose its branch in Antwerp, citing the weak performance of its diamonddivision, Bloomberg reported.The office will shutwithin a year, the news service last week cited Rajkiran Rai Gundyadka, thebank’s CEO,...
Financial-Legal Sep 06, 2018 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
Israel Pledges Support to Diamond Trade 150
Israel Gives $284M Boost to Diamond Trade
The Israeli government has pledged $284 million (NIS 1 billion) to guarantee bank loans to diamond companies in an effort to easethe trade’s severe credit difficulties. A lack of credit is stifling growth, especially among the smallerfirms that constitute...
Financial-Legal Feb 14, 2018 Rapaport News
Signet 150
Signet Holiday Sales Disappoint
Signet Jewelers’ holiday sales fell 3% as issues relating to outsourcing its credit transactions adversely impacted the business. Signet in October sold its prime credit program to Alliance Data Systems for $960 million, meaning that...
Retail Jan 10, 2018 Rapaport News
Kay Signet 150 120517
Signet Facing Probe over Credit Practices
US authorities are investigating Signet Jewelers over itscredit operations, the retailer revealed in a Securities and ExchangeCommission filing last week.The Consumer Financial Protection Bureau (CFPB) informedSignet on September 6 that it may take legal action against...
Retail Dec 06, 2017 Rapaport News
Kay Jewelers Signet
Signet Cuts Forecast as Hurricanes Hurt Sales
Signet Jewelers’ sales fell in the third fiscal quarter dueto hurricanes in the US and disruptions related to changes in the retailer’scredit services.Group sales slipped 2.5% and same-store sales — at outletsopen for at least a year — dropped 5% in the...
Retail Nov 21, 2017 Rapaport News
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