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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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Manufacturing
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Sep 06, 2015
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Times of India
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Birks & Mayors Changes Name, Ticker Symbol
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Birks & Mayors Inc. changed its corporate name to Birks Group Inc. today and its ticker symbol became ''BGI'' on the New York Stock Exchange (NYSE MKT). The change better represented the...
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Financial-Legal
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Oct 01, 2013
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Jeff Miller
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Birks & Mayors Arranges New Financing Deal, Reports 1Q Sales +2%
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Birks & Mayors Inc. and Varilease Finance, Inc. entered into a lease agreement on July 24 that will cover up to $3 million in costs associated with remodeling three Florida Mayors stores into the "shop in shop" format, a model the company launched last year. The financing should be repaid...
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Retail
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Aug 01, 2013
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Sandra Mardenfeld
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Cash America's 2Q Profit -13%
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Cash America International Inc. reported today that its total revenue fell slightly to $411 million for the second quarter that ended on June 30. However, net revenue improved 5 percent year on year to $245...
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Financial-Legal
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Jul 25, 2013
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Sandra Mardenfeld
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Standard & Poor's Affirms Botswana's Credit Rating
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Standard & Poor's Ratings Services affirmed Botswana's ''A-'' long-term and ''A-2'' short-term sovereign credit ratings and affirmed a ''stable'' outlook, adding that the diamond-producing nation has a reasonably well-managed minerals-based economy and...
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Research
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Jul 16, 2013
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Jeff Miller
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Financial-Legal
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Jul 10, 2013
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Jeff Miller
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CRISIL Downgrades Winsome's Short-Term Facilities to 'D'
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The CRISIL Ratings agency downgraded the short-term bank facilities of Winsome Diamonds & Jewellery Ltd. to ''CRISIL D'' from ''CRISIL A4/Rating Watch with Negative Implications.'' CRISIL listed Winsome's total credit facilities at $715...
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Financial-Legal
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May 03, 2013
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Jeff Miller
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