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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
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
Closed sign
How Three Jewelers Are Coping During COVID-19
Can my company survive this crisis? How long will the shutdown last? Should I lay my workers off? Should I apply for government support? The coronavirus outbreak has left US jewelers with a string of questions. There...
Retail Apr 07, 2020 Joshua Freedman
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
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
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
Diamond Show - Rapaport Polished Diamonds 150
India Hikes Taxes on Polished Imports
The Indian government has increased import taxes on polisheddiamonds to 5%, prompting criticism from the Gem & Jewellery ExportPromotion Council (GJEPC). The levy applies to cut and polished diamonds, both natural andlaboratory-grown, and...
Financial-Legal Feb 04, 2018 Rapaport News
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
Exelco Seeks Chapter 11 Protection in US
Antwerp-based diamond company Exelco NV has sought Chapter11 bankruptcy protection in the US, listing estimated liabilities of $50 millionto $100 million, according to court filings.The polished manufacturer estimated its assets at $10million to $50 million and...
Financial-Legal Oct 02, 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
De Beers Jwaneng truck
De Beers to Invest in Diamond Start-Ups
De Beers is launching an initiative to consider buyingminority stakes in start-ups and rapidly growing companies, the diamondproducer announced Thursday.The operation, De Beers Ventures, will look into makingsmall equity investments in areas such as consumer brands, marketing platforms,security,...
Financial-Legal Jun 22, 2017 Rapaport News
Jewelry Sales India
India Relaxes Tax on Jewelry-Making
India’s government has reduced the tax rate on diamond andjewelry manufacturing to 5% following an earlier announcement that it would chargeindustry members an 18% levy, the Gem & Jewellery Export Promotion Council(GJEPC) said Monday.The tax applies...
Financial-Legal Jun 13, 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
ALROSA 145-Ct Diamond
ALROSA Repays Loans to VTB Bank
ALROSA has paid off $600 million of loans to VTB Bank aheadof their repayment date, the Russian miner said on Tuesday.The company received the loans from VTB in 2012. In 2014, theywere extended until October...
Mining Mar 01, 2017 Rapaport News
Lace Diamond Mine DiamondCorp
DiamondCorp Agrees to Loan Deal
DiamondCorp has reached an agreement with one of its lenders,enabling the embattled company to secure a loan against its Lace mine in SouthAfrica as part of its business recovery efforts. Last month, the company attempted a sale of shares...
Mining Feb 28, 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
Rough and Loupe`
Analyst Upbeat on Diamond Market
VTB Capital raised its price target for ALROSA shares as buoyant holiday sales are expected to result in a wave of restocking amongretailers.The investment bank increased its 12-month target to $2.30(RUB 140) from $1.73 (RUB 105),...
Mining Dec 14, 2016 Rapaport News
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