Antwerp’s diamond dealers, who buy and sell 80 percent of the world’s most valuable gemstones, have lost their bank.
The Antwerp Diamond Bank, a source of finance for 80 years to the network of companies that trade, cut and polish in the Belgian port city, will stop lending after a sale by KBC Groep NV to China’s Yinren Group collapsed last week. It’s likely to make loans scarcer in an industry that relies on debt to buy the dull, rough diamonds that are finished into jewelry.
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