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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
alex ani store
Alex and Ani Hires Senior Execs in Global Push
Alex and Ani recruited two retail veterans as the jewelry company prepares for a worldwide expansion.New CFO Bob Woodruff has more than 35 years of financeexperience, including 20 years in senior roles at Nike, the world-recognized apparelbrand,...
Retail Sep 28, 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
Antwerp Beurs Voor Diamanthandel
New Law Likely to Triple Belgium Trade's Tax Bill
Belgium’s diamond trade can expect to pay at least three times more tax per year as a new fiscal regime is set to be passed into law by the end of the year.Under the proposed ‘Carat Tax,’ the tax...
Financial-Legal Aug 02, 2016 Rapaport News
Hatton Garden
London Bourse Reaches Out to Jewelry Workshops
The London Diamond Bourse (LDB) launched a new membershipcategory that enables workshop owners to maintain a presence in the city’sdiamond district after soaring rents have forced them to leave.The LDB is offering mounters, setters and polishers...
Manufacturing Jul 31, 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
Dominion Diamond Corporation
Dominion Unveils Plan to Focus on Core Assets
Dominion Diamond Corporation will sell its office indowntown Toronto and launch a share buyback program as it aims to concentrateon core assets and “prioritize” return of capital to investors.The miner will dispose of its 100-percent owned officebuilding...
Mining Jul 07, 2016 Rapaport News
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