CrimeOct 01, 2026
Police Looking for 4 Suspects in $600K Smash-and-Grab RobberyDubai Jewelers in Springfield, Virginia, was once again the target of an armed robbery.
SourcingJan 04, 2019
Report: Indian Bank ICICI to Close Antwerp Branch
The departure of another bank from the diamond trading hub will have an impact on Indian dealers.
Antwerp—India’s ICICI Bank has reportedly become the latest bank to pull back from financing the mid-stream sector of the diamond trade.
On Dec. 28, industry analyst Edahn Golan shared via Twitter a letter to the bank’s clients informing them that the Antwerp branch of ICICI Bank UK PLC would be shutting down on March 29.
Clients were advised to close their accounts on or before Feb. 28.
In a further blow to diamond mid-stream financing, Indian bank ICICI will close its branch in Antwerp at the end of February. This will mostly hurt Indian traders.#Diamond #Diamonds #DiamondFinance #antwerp #DiamondTrading #Banking pic.twitter.com/QdVohQvb4I
— Edahn Golan (@edahn) January 1, 2019
ICICI Bank UK PLC is a wholly owned subsidiary of India’s ICICI Bank Ltd., a large private sector bank headquartered in Mumbai.
An ICICI Bank spokesperson sent the following statement to National Jeweler on Monday: “Following a strategic review of its business operations in Belgium, ICICI Bank UK PLC has decided to close its branch in Antwerp, Belgium. The closure will be effected from March 29, 2019.”
ICICI Bank’s decision to close its Antwerp branch makes it the latest in a line of lenders pulling out of the mid-stream sector of the diamond industry, and it comes not too longer after another Indian bank, Union Bank, announced plans to close its Antwerp branch.
As Golan noted on Twitter, the departure of ICICI from Antwerp will mostly hurt traders from India, which is still feeling the aftershocks of the $2 billion bank fraud allegedly perpetrated by diamantaire Nirav Modi and his uncle, Gitanjali top boss Mehul Choksi.
Golan referred to the Modi scandal as a “rude awakening” for the Indian banking sector, while a banker interviewed by National Jeweler last February, shortly after reports of the scam first started surfacing overseas, noted the long-term damage the scandal is going to have for diamond industry financing, not just in India but worldwide.
“When you put bankers off of an industry, it’s going to take a while, at least a couple of decades,” to get them back on board, he said. “Somebody has to figure out how to make these [diamond] companies transparent, truly transparent, how to adopt it and how to test themselves.”
Editors' Picks
Sponsored by
More on Sourcing
The Latest
TrendsOct 01, 2026
Amanda’s Style File: October’s Color Range This roundup of birthstone jewelry for October features vibrant tourmalines and opals with personality.
CollectionsSep 30, 2026
Oscar Heyman’s Holiday Book Is ‘A Living Archive’ The catalog showcases 112 new, one-of-a-kind pieces amid highlights from the jeweler’s historic archive.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
SurveysSep 30, 2026
Consumer Confidence Falls to 12-Year Low in SeptemberThose surveyed were worried about the present and the future, with write-in responses mentioning high oil and gas prices.
Weekly QuizSep 25, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsSep 30, 2026
Jewelers of America, JA New York to Host Networking EventThe event will take place on the evening of Oct. 26 in New York City.
IndependentsSep 29, 2026
Christy Bromberg, Longtime Gift Buyer for Underwood Jewelers, Dies at 68She is remembered for her joie de vivre, upbeat personality, genuine interest in other people, and love of the Alabama Crimson Tide.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
AuctionsSep 29, 2026
Dionne Warwick’s Jewelry Goes Up for AuctionOnline bidding is open now for Julien’s sale of items owned by the “Walk On By” singer, whose final album comes out this fall.
Events & AwardsSep 29, 2026
Matt Stuller to Receive 2027 Gem Award for Lifetime AchievementThe founder and executive chairman of Stuller Inc. is being honored for his impact on the jewelry industry at the 25th annual Gem Awards.
ColumnistsSep 29, 2026
Your Holiday Marketing Has a Bridal Blind SpotDecember is the most popular month to propose, and jewelers need to keep that in mind when planning their holiday marketing.
AuctionsSep 29, 2026
If You Love Cats, This Jewelry Auction Is for YouCat ladies of the jewelry world, unite. Sandy Lerner’s collection of cat jewelry and other objects is going up for auction Wednesday.
CollectionsSep 28, 2026
De Beers London Drops Water-Inspired High Jewelry Collection“Vibrations” features several firsts for De Beers’ high jewelry, including the use of chalcedony and diamonds sourced from artisanal miners.
CollectionsSep 28, 2026
Jessica McCormack Turns to Classic Motif for New CollectionThe “Bows” collection features three interpretations of the bow motif designed with Georgian and Victorian influences.
Events & AwardsSep 28, 2026
Guy Borenstein, Troy Underwood Among the Professionals Honored at AGS Conclave 2026The American Gem Society recognized industry members, one Guild, and a law enforcement official for their contributions to jewelry.
FinancialsSep 28, 2026
Instappraise, Jewelers Mutual Look to Simplify Jewelry InsuranceThrough a new system integration, customers can now receive instant personal jewelry insurance quotes at the time of appraisal.
WatchesSep 25, 2026
Smaller Rolex Watches Showing Strength on Secondary Market, Data ShowsFive of the 10 fastest-appreciating Rolex models on Bob’s Watches were Datejust 31 or Lady Datejust watches.
MajorsSep 25, 2026
Sherwood Family Buys Back Daniel’s Jewelers from Private EquityThe Sherwood family and AJS Creations CEO Tejas Shah purchased the jewelry chain back from Palladium Equity Partners.
Lab-GrownSep 25, 2026
Brilliant Earth Collabs with Elizabeth Taylor Estate on Jewelry Collection“The Elizabeth Taylor Collection” uses lab-grown diamonds and gemstones in contemporary designs inspired by the icon.
TrendsSep 25, 2026
A Peek at Taylor Swift’s Game-Day DiamondsThe artist wore Dana Rebecca Designs’ marquise diamond-set gold hoops at the Chiefs game last Sunday. Now they’re our Piece of the Week.
CrimeSep 24, 2026
From Conclave: Security Measures Jewelers Should Be TakingJSA and Jewelers Mutual shared advice on spotting suspicious behavior, combatting cell phone jammers, and staying safe at home.
AuctionsSep 24, 2026
8-Carat Blue Diamond Heads to UK Jewelry AuctionThe fancy light blue diamond is estimated to fetch up to $2.6 million at Elmwood’s next week.
TrendsSep 24, 2026
This New Jewelry Book Decodes the Secret Meaning in Victorian Jewelry“Secret Language of Victorian Jewelry” unveils the meaning behind the symbols, motifs, and gemstones used in Victorian-era jewelry.
Lab-GrownSep 24, 2026
Kira Jewels Opens B2B E-Commerce Portal for Lab-Grown Diamond Jewelry KIRAJewels.one gives retailers access to more than 500 SKUs of lab-grown diamond rings, earrings, necklaces, and bracelets.
TrendsSep 23, 2026
Holiday Diamond Jewelry Trends: Layered Looks, PersonalizationThis holiday season, look to pieces that will help to fill out customers’ everyday diamond jewelry wardrobe, experts say.
SourcingSep 23, 2026
Organization That Promotes Natural Diamond Rebrands for Third Time The Natural Diamond Council is now The Diamond Collective and has announced a new strategy under CEO Amber Pepper.
