The Antwerp World Diamond Centre (AWDC) and the Industrial and Commercial Bank of China (ICBC), the largest bank in China, have signed a memorandum of understanding. With this, the bank will finance Antwerp diamond firms and also develop the diamond trade between Belgium and China. The agreement is a part of the ICBC plan to scout for alternative investment opportunities for its 240 million private and corporate clients, reports say.
ICBC Chairman Jiang Jianqing said, "Diamonds are a special investment product and have distinct elements that other investment products cannot match. We firmly believe the Belgian economy will play a predominant role in ending the financial crisis via the diamond industry," he said.
AWDC CEO Ari Epstein said, "This joining of forces will strongly support the Antwerp diamond trade's expansion into China’s diamond industry. We hope China will open its doors to other Belgian industry sectors as well via the contacts the Antwerp diamond trade has now made."
Taking this association forward, AWDC plans a 10-day road-show across China beginning October 24, supported by ICBC and the Chinese government. The team will tour five cities, wherein China's largest jewellery firms can interact with Antwerp diamond companies.
The road-show will be launched with a celebratory reception at ICBC's headquarters in Beijing during a Belgian trade mission to China to be led by HRH Crown Prince Philip of Belgium. Among the guests will be ICBC's 4,000 top clients.