IndependentsDec 23, 2024
Philadelphia 76ers’ Tyrese Maxey Stars in The 1916 Company’s New CampaignThe retailer’s “On the Clock” campaign celebrates how time, precision, and purpose come together.
MajorsAug 11, 2016
Antwerp Diamond Bank to shut down
Yet another bank seems set to exit the jewelry industry, as KBC said Friday that the sale of the Antwerp Diamond Bank to Yinren Group has fallen through and it will, according to its agreement with the European Commission, wind down the bank’s activities.
Brussels--Yet another bank seems set to exit the jewelry industry, as KBC said Friday that the sale of the Antwerp Diamond Bank to Yinren Group has fallen through and it will, according to its agreement with the European Commission, wind down the bank’s activities.
KBC said no new loans will be given by Antwerp Diamond Bank (ADB), a leading financer for the diamond trade, and no new business will be developed as it seeks to absorb ADB’s outstanding loans into KBC Bank NV and, eventually, run down the bank’s loan portfolio and activities. The run-down is subject to approval by the competent authorities.
According to KBC, it is not doing a “collective dismissal” of ADB staff in Belgium but instead will tap a group of ADB staff to handle the wind-down of the bank while deploying other ADB employees elsewhere in the KBC Group. The bank’s offices in Hong Kong, Mumbai, Singapore and Dubai, United Arab Emirates, will be closed by small teams there, and those employees eventually will be laid off. The bank’s office in New York closed earlier this year.
ADB will contact its clients personally with more details on the wind-down in the months ahead, KBC said.
Brussels-based KBC announced in December that it had reached an agreement with Shanghai-based Yinren Group to buy Antwerp Diamond Bank but said Friday that Yinren failed to submit a “comprehensive file” to the National Bank of Belgium, even after receiving a three-month extension on the deadline to make the submission.
Under its agreement with the European Commission, which told the bank it had to sell its subsidiaries after it received aid to keep it afloat in 2008 and 2009, KBC said it had no choice but to shut down the bank. KBC had already received two extensions on its original deadline to divest the bank when it reached an agreement with Yinren late last year.
While KBC is outlining plans to begin the shutdown of ADB, it does seem the bank is holding on to some hope it will find a last-minute buyer, noting in its statement that it will “examine any valid and acceptable proposal that does not lead to any additional financial burden to acquire part or all of the activities of ADB or its loan portfolio.”
KBC noted that it has been trying since 2009 to find a suitable investor for the bank,
speaking with more than 100 interested parties worldwide, but was unable to do so, underscoring an already well-known fact in the diamond and jewelry world: it is not an industry that many banks want to finance. KBC said it turned out to be a “real challenge” to find a buyer for the bank because of its niche in the diamond industry, the daily funding needs specific to a diamond bank and the general economic and market environment.
The eventual likely exit of Antwerp Diamond Bank comes on the heels of Bank Leumi’s decision to shutter its diamond and jewelry portfolio by the end of 2014.
“We regret that a strong brand and a leading player in the diamond banking industry, with a long and rich history, will have to cease operations as a result (of the deal falling through),” KBC Group NV CEO Johan Thijs said.
More on Majors
The Latest
EditorsDec 23, 2024
My Favorite Piece of the Week Jewels of 2024Associate Editor Natalie Francisco chose her 12 favorite Piece of the Week picks from the year gone by.
GradingDec 23, 2024
GIA Adds Filler Identification to Emerald ReportsLab clients have the option to request this addition on their emerald reports.
Brought to you by
A Diamond Is Forever Celebrates "Forever Present" Holiday CampaignA Diamond is Forever hosted a holiday celebration in honor of their new marketing campaign, ‘Forever Present.’
Events & AwardsDec 20, 2024
Two Participants Complete Inaugural Ella Klein InternshipJamie Dunton and Gabriella Botelho are the first graduates of the program, created by the WJA Foundation and Julius Klein Diamonds.
Weekly QuizDec 19, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsDec 20, 2024
Piece of the Week: Retrouvaí’s Ring for CharityIn the spirit of giving, Retrouvaí will donate $4,000 from the sale of this ring to the Los Angeles Regional Food Bank.
IndependentsDec 19, 2024
Michigan’s DeVries Jewelers Unveils New Location in Time for the HolidaysCo-owner Dan DeVries shared what it’s like moving into a space triple the size of its old store and how it feels to be a “real jeweler” now.
Brought to you by
De Beers Group Launches Holiday Campaign for Natural Diamonds‘Forever Present’ campaign revives the iconic A Diamond is Forever tagline and celebrates the diamond dream.
CollectionsDec 19, 2024
State Property Transforms Spain’s Generalife Gardens into JewelryAlong with the latest “Gardens” collection, the brand has released limited-edition designs offering more indulgent pieces.
CrimeDec 19, 2024
Alleged Jewelry Thieves Attempt Rowboat EscapeThe man and woman are accused of stealing jewelry from a shipping container then trying to flee by paddling a small boat out into a bay.
SourcingDec 19, 2024
The Second-Largest Diamond Ever Found Now Has a Name The 2,488-carat diamond recovered from a mine in Botswana has been dubbed “Motswedi” while its 1,094-carat sibling is “Seriti.”
SourcingDec 19, 2024
Gemfields Reports Record Ruby Auction Results Despite Challenges at SourceThe average price per carat hit a record high for the miner, which said it remains unaffected by the conflict in Mozambique.
AuctionsDec 18, 2024
Alexandrite Ring Sells for Record-Setting $1.9M at Sotheby’sThe nearly 17-carat stone made history for the color-change gem that, according to the auction house, is experiencing a “notable surge” in the market.
WatchesDec 18, 2024
Historic Titanic Pocket Watch Winds Its Way Back to Tiffany & Co. More than a century after survivors gifted a Tiffany timepiece to the captain of the ship that rescued them, the jeweler has reclaimed it.
TechnologyDec 18, 2024
Picchiotti Utilizes AI in ‘Spotlight’ Video CampaignThe videos highlight how pieces from the “Xpandable” and “Reversible Xpandable” collections put the wearer in the spotlight.
IndependentsDec 18, 2024
Industry Veteran Steve Feldman Set to RetireFeldman reflected on 45 years in the jewelry industry and clarified that it’s not a total retirement.
Events & AwardsDec 17, 2024
Chanel to Receive Gem Award for High Jewelry ExcellenceThe luxury brand is being honored for excellence in high jewelry design in its “Haute Joaillerie Sport” collection.
SourcingDec 17, 2024
Frank Circelli, Founder of Gem Shopping Network, Dies at 75Circelli was a pioneer in the world of TV shopping who is remembered for his passion for gemstones and his big personality.
AuctionsDec 17, 2024
Blue Diamond Fetches $8.8M at Christie’sThe nearly 6-carat stone headlined the recent jewelry auction, which also featured Mica Ertegun’s jewelry.
CrimeDec 17, 2024
‘Black Bin Crew’ Robbers Get 14-16 Years in Prison The three men, who got their nickname because they’d toss the jewelry they stole into black plastic bins, were arrested back in August.
TrendsDec 16, 2024
Marion Fasel’s New Book Delves Into the History of Engagement Rings“The History of Diamond Engagement Rings: A True Romance” is a 128-page small-format book containing more than 165 images.
WatchesDec 16, 2024
Take a Look Inside the New Rolex Boutique on Rodeo DriveGearys opened a 6,200-square-foot Rolex store with a design that pays homage to the brand’s connection to the ocean.
GradingDec 16, 2024
GCAL By Sarine Expands 8X to 2 More Fancy Shapes The diamond cut grade is now available for marquise- and pear-shaped diamonds.
SourcingDec 16, 2024
Diamonds Do Good Announces 2025 Award RecipientsDDG said the honorees’ business practices embody a commitment to positive social impact, industry innovation, and community empowerment.
TrendsDec 13, 2024
Selena Gomez Said ‘Forever Begins Now’ to Marquise Diamond Engagement RingEstimates on the size and value of the solitaire diamond, which is mounted on a diamond pavé-set yellow gold band, vary.
TrendsDec 13, 2024
Piece of the Week: Martin Katz’s Tanzanite Drops These half-moon tanzanite earrings totaling 25 carats are part of a special trunk show taking place this weekend in Dallas.
Recorded WebinarsDec 13, 2024
Watch: The Highs and Lows of 2024The National Jeweler editors recap the top news, the best jewels, and their favorite stories of the year.
