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HSBC to Pay $330M in Antwerp Fraud Settlement
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A Swiss unit of HSBC has agreed to pay a record EUR 294.4 million ($330 million) to settle fraud claims against its Belgian business, which mainly served members of the Antwerp diamond trade.In 2014, a Belgian judge...
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Financial-Legal
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Aug 07, 2019
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Joshua Freedman
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Belgium’s Rough Trade Hits Decade Low
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Belgium’s rough-diamond trade fell in the first half to its lowest level since the financial crisis. Rough imports to the country declined 26% year on year to $4.36 billion during the six months ending June...
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Polished Markets
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Jul 15, 2019
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Rapaport News
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ABN Amro Restricts Rough-Sector Lending
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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...
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Financial-Legal
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Jul 15, 2019
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Joshua Freedman
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Belgium’s Rough Trade Slumps in May
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Rough exports from Belgium dropped 37% year on year to $741.5million in May, reflecting continued weakness in the sector. Rough imports fell16%, according to data from the Antwerp World Diamond Centre. The polishedtrade was more...
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Mining
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Jun 26, 2019
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Rapaport News
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Dubai’s NBF Enters Antwerp Lending Market
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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...
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Financial-Legal
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Apr 07, 2019
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Joshua Freedman
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Antwerp’s Eurostar Enters Bankruptcy
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Eurostar Diamond Traders, one of the biggest names in theAntwerp industry, has entered bankruptcy following a legal battle with itsbanks. The Antwerp Corporate Court ruled Thursday in favor of thatoutcome. Eurostar plans to appeal the decision,...
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Financial-Legal
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Mar 28, 2019
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Joshua Freedman
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Diamond Fields Pink Sells for $17K/ct.
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A pink diamond from Namibia’s offshore drilling programfetched $17,000 per carat at a tender in Antwerp. The 5.71-carat stone fetched $97,076 at the sale, the firstDiamond Fields Resources has held since resuming mining in 2018, it said...
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Mining
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Mar 18, 2019
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Rapaport News
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Letšeng Pink Sells for Almost $9M
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Gem Diamonds has announced the sale of a 13.33-carat pinkdiamond, discovered in February at its mine in Lesotho, for $8.8 million. The tender sale, which took place in Antwerp, represents a record per-caratprice of $656,933 for the company,...
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Mining
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Mar 14, 2019
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Rapaport News
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Eurostar Diamond Traders Close to Bankruptcy
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Eurostar Diamond Traders could be forced to file for bankruptcy soon, aftera Belgian court rejected its reorganization plan.The large Antwerp-based manufacturer, which owes anestimated $500 million, is no longer considered a financially viable business after...
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Financial-Legal
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Mar 12, 2019
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Rapaport News
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Belgium Trade Slows in January
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Belgium’s shipments of rough and polished slid in Januaryamid a slowdown in the global industry. A 10% drop in the volume of polishedexports outweighed growth in the average price, with the total value down 4%for the month, according...
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Polished Markets
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Feb 18, 2019
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Rapaport News
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Antwerp Vault Heist Leaves Clients in the Dark
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Thieves have broken into a bank vault near Antwerp’s diamonddistrict, with some clients in the dark about whether their goods have beenstolen. Daring burglars entered the BNP Paribas Fortissecure area via a sewage...
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Financial-Legal
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Feb 06, 2019
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Joshua Freedman
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Record Average Price Supports Belgium Trade
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Belgium’s polished exports were flat in 2018 as a higheraverage price offset a drop in volume, according to data the Antwerp WorldDiamond Centre (AWDC) released recently. Weakness in the market for smallerstones prompted an increase in trading in larger diamonds,...
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Polished Markets
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Feb 04, 2019
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Rapaport News
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Belgium Prepares for ‘No-Deal’ Brexit
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Belgium’s diamond industry has urged companies to preparefor the possibility of the UK leaving the European Union (EU) without a customsdeal.Trading between the EU and the UK will be subject to customschecks if the two parties fail to finalize an agreement...
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Rough Markets
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Jan 21, 2019
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Rapaport News
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Lucapa Predicts Premium from Angola Reforms
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Angola is set to host its first diamond sale under newrules designed to improve transparency and prices.Sodiam, a state-owned diamond-marketing company, will this month offerseven large stones from Lucapa Diamond Company’s Lulo mine, including...
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Rough Markets
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Jan 14, 2019
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Joshua Freedman
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India’s ICICI Bank Exits Antwerp
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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...
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Financial-Legal
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Jan 09, 2019
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Rapaport News
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Eurostar Enters Administration as Debts Mount
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Eurostar Diamond Traders has entered restructuringproceedings in Belgium, having amassed substantial debts, according to the company’scourt-appointed administrator.The Antwerp-based diamond manufacturer owes morethan $500 million to creditors across its global operations, Alain Van den...
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Financial-Legal
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Dec 25, 2018
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Joshua Freedman
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Higher Average Price Drives Belgium Exports
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Belgium’s polished trade grew strongly inOctober, according to data from the Antwerp World Diamond Centre. Exports rose 17% amid a higher average price and steady volumes,reflecting trading in higher-value diamonds. Export value was...
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Rough Markets
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Nov 25, 2018
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Rapaport News
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Brexit Could Halt UK Rough Trade
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The UK will temporarily be unable to import and export roughdiamonds if the nation leaves the European Union without an exit deal, thegovernment has warned. The UK is currently a member of the Kimberley Process (KP) byvirtue of its being...
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Rough Markets
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Oct 21, 2018
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Rapaport News
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Record Average Price Lifts Belgium Exports
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Belgium’s polished-diamond exports increased 5% in the thirdquarter as the average price hit a record high of $2,542 per carat. TheSeptember rate of $2,727 per carat was also the country’s loftiest result forany month, according to Rapaport...
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Polished Markets
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Oct 11, 2018
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Rapaport News
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India’s Union Bank Leaves Antwerp
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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,...
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Financial-Legal
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Sep 06, 2018
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Rapaport News
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