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Diamond Rebound to Boost Botswana Growth
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Botswana’s government expects the country’s economy to return to growth next year on the back of a recovery in the diamond sector.The nation’s gross domestic product (GDP) will increase 7.7% in 2021, Thapelo Matsheka, minister of finance and...
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Mining
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Oct 21, 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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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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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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How Three Jewelers Are Coping During COVID-19
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Can my company survive this crisis? How long will the shutdown last? Should I lay my workers off? Should I apply for government support? The coronavirus outbreak has left US jewelers with a string of questions. There...
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Retail
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Apr 07, 2020
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Joshua Freedman
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India Eases Trade’s Financial Burden
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India’s government has approved concessions to ease the financial situation for diamond and jewelry businesses after the country went into lockdown to curb the spread of the coronavirus.The finance ministry raised the minimum...
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Financial-Legal
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Mar 25, 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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Pressure on Diamond Midstream Likely to Increase
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Diamond manufacturers will consolidate in the coming years to avoid being further squeezed by miners and retailers, Bain & Company predicted in its annual report on the industry.The forecast stems from the midstream becoming anincreasingly...
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Polished Markets
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Dec 12, 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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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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India Hikes Taxes on Polished Imports
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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...
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Financial-Legal
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Feb 04, 2018
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Rapaport News
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Antwerp Body Joins India KYC Program
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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...
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Financial-Legal
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Dec 06, 2017
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Rapaport News
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Erik Jens Steps Down as ABN Amro Diamond Chief
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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...
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Financial-Legal
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Dec 03, 2017
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Rapaport News
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Exelco Seeks Chapter 11 Protection in US
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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...
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Financial-Legal
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Oct 02, 2017
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Rapaport News
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Bank Seizes Exelco’s Assets: Bloomberg
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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...
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Financial-Legal
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Jul 06, 2017
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Rapaport News
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De Beers to Invest in Diamond Start-Ups
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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,...
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Financial-Legal
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Jun 22, 2017
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Rapaport News
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India Relaxes Tax on Jewelry-Making
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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...
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Financial-Legal
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Jun 13, 2017
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Rapaport News
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Banks Snubbing Belgian Diamond Trade: AWDC
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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...
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Financial-Legal
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Apr 02, 2017
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Rapaport News
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ALROSA Repays Loans to VTB Bank
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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...
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Mining
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Mar 01, 2017
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Rapaport News
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