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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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Israel Gives $284M Boost to Diamond Trade
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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...
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Financial-Legal
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Feb 14, 2018
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Rapaport News
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Signet Holiday Sales Disappoint
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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...
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Retail
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Jan 10, 2018
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Rapaport News
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Signet Facing Probe over Credit Practices
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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...
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Retail
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Dec 06, 2017
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Rapaport News
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Signet Cuts Forecast as Hurricanes Hurt Sales
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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...
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Retail
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Nov 21, 2017
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Rapaport News
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Signet Closes Sale of Prime Credit Program
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SignetJewelers has completed the first stage in outsourcing its in-house creditprogram.This includesthe sale of its prime-only receivables tothe card services business of Alliance Data SystemsCorporation for $960 million, Signetsaid. Prime credit relates to customers...
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Retail
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Oct 24, 2017
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Rapaport News
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Woes Continue for Signet as Sales Slide
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Signet Jewelers’ sales dived in the first fiscal quarter amidnegative publicity and a sluggish retail sector.Group sales fell 11% to $1.4 billion in the three monthsthat ended April 29, while same-store sales dropped 11.5%,...
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Retail
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May 25, 2017
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Rapaport News
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Financial-Legal
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Apr 07, 2016
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Rapaport News
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