Belgian Banks "Refusing to Help Diamond Trade"

By John Jeffay / May 10, 2020 / www.idexonline.com / Article Link

(IDEX Online) - Banks in Belgium have been accused of refusing vital loans to help diamond firms survive coronavirus.The Antwerp World Diamond Centre (AWDC), representing 1,600 companies, claims banks are turning down applicants who clearly qualify for a financial lifeline.The banks agreed a $55bn emergency loans policy with the Belgian government early on in the COVID-19 crisis.But AWDC spokeswoman Margaux Donckier told Belgian newspaper De Tijd they were dodging their responsibility to the diamond industry."The attitude of the banks is at odds with what the government is saying," she said. "They are avoiding their responsibilities."Diamond companies have struggled to take out loans or open accounts since the closure of the Antwerp Diamond Bank in 2014.Banks are wary of the diamond industry, says De Tijd, because of its reputation for tax evasion and money laundering.

Recent News

Bank of Japan boosts rates, continuing an unwinding carry trade

December 22, 2025 / www.canadianminingreport.com

Gold stocks outperform equity market slide

December 22, 2025 / www.canadianminingreport.com

Silver inventories rebound in UK, output from major producers rises

December 15, 2025 / www.canadianminingreport.com

Silver's three-month outperformance continues

December 15, 2025 / www.canadianminingreport.com

Silver & Copper Supply Distortions Continue

December 08, 2025 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok