AWDC courting banks, financial sector

by eyetee | January 26, 2015 3:22 pm

[1]Only five per cent of global financial institutions are involved in backing the diamond industry and the Antwerp World Diamond Centre (AWDC) is hoping to change that.

The World Economic Forum in Davos, Switzerland, served as the backdrop for a dedicated diamond-financing seminar, which was introduced by Flemish Minister-President Geert Bourgeois.

The initiative is part of a strategy to inform banks and key players in the financial sector on the specific dynamics and functioning of diamond financing. 

The seminar discussed the underlying dynamics of the global diamond industry from mine to finger, as well as the future outlook and challenges ahead, especially in terms of sustainable diamond financing for the industry. AWDC also provided more insight into the growing demand for diamonds as an investment product.

With the Antwerp Diamond Bank closing, the worry is the industry may have to look to banks and financial institutions that are unfamiliar with how diamonds are traded.

According to AWDC, 84 per cent of all rough diamonds and 50 per cent of all polished diamonds pass through Antwerp.

Source URL: https://www.jewellerybusiness.com/news/awdc-courting-banks-financial-sector/

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