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Podcast: Cash, Credit and Covid-19
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The coronavirus crisis has split US jewelers into haves and have-nots, Jewelers Board of Trade (JBT) president Erich Jacobs told the Rapaport Diamond Podcast.Digital-savvy businesses have thrived while less advanced competitors — or those...
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Financial-Legal
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Oct 20, 2020
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Joshua Freedman
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Jewelry Trade Continues to Shrink
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The US jewelry industry continued to downsize in the third quarter, with 101 companies leaving the business, according to new data from the Jewelers Board of Trade (JBT).Nine firms went bankrupt, while 37 dropped out due...
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Retail
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Oct 18, 2020
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Rapaport News
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ABN Amro to Cease Hong Kong Diamond Lending
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Dutch bank ABN Amro will close its Hong Kong diamond business in a major trimming of its global operations.The company is shutting the branch from which it lends to the local polished market, as part of a retreat from...
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Financial-Legal
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Aug 13, 2020
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Joshua Freedman
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Jewelers See Worst Quarter for Credit Downgrades
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The Jewelers Board of Trade (JBT) reduced companies’ credit scores at an “unprecedented” rate in the second quarter as businesses missed payments during the Covid-19 crisis.Many jewelers that bought on terms of 90 days or less before the pandemic...
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Financial-Legal
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Jul 22, 2020
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Joshua Freedman
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Israel’s Union Bank Sells Diamond Portfolio
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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...
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Financial-Legal
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Jul 14, 2020
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Rapaport News
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Israel’s Bank Leumi Eyes Return to Diamonds
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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,...
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Financial-Legal
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Jun 11, 2020
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Rapaport News
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Indian Credit Down 18% Since Banking Scandal
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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...
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Financial-Legal
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Jun 07, 2020
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Rapaport News
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India’s Cutting Sector Faces Decade-Low Revenues
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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,...
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Polished Markets
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Apr 28, 2020
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Rapaport News
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JBT Chief Predicts Rise in Bankruptcies
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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,...
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Financial-Legal
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Apr 20, 2020
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Joshua Freedman
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JBT Amends Credit Reports to Account for COVID-19
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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’...
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Retail
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Apr 07, 2020
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Rapaport News
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Market Slump Prompts Botswana Downgrade
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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...
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Mining
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Mar 30, 2020
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Rapaport News
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Belgian Banks Postpone Loan Repayments
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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...
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Financial-Legal
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Mar 30, 2020
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Rapaport News
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Indian Exporters Get Reprieve from Banks
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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...
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Financial-Legal
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Mar 19, 2020
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Rapaport News
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ABN Amro Tightens Diamond Lending Terms
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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...
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Rough Markets
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Dec 12, 2019
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Avi Krawitz
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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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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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Weakness in Low-Value Stones Hits Stornoway
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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...
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Mining
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Jan 20, 2019
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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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Indian Banks Slash Lending by 10%
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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...
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Financial-Legal
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Jul 24, 2018
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Rapaport News
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ABN Amro Scales Back Diamond Lending
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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...
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Financial-Legal
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May 21, 2018
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Rapaport News
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