Banks Snubbing Belgian Diamond Trade: AWDC

(Rapaport News) - Belgian banks are discriminating against the diamond trade by not lending to anyone linked to the industry, the Antwerp World Diamond Centre (AWDC) has claimed. The AWDC has proof that banks are systematically refusing customers with any connection to the trade, for both personal and professional banking affairs, it said last week. Lenders snub diamantaires even before they've had a chance to submit a formal application to become a client, the trade body alleged. The banks’ rationale is that the diamond trade carries a high risk, the AWDC said. But it argued that this was an unfair perception, given how much regulation companies must undergo and the degree to which domestic and international organizations monitor diamond transactions.