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AWDC looks at solution for the ADB wind-down
Is taking the necessary initiatives in collaboration with all partners involved
By: Diamond World News Service
Sep 20 2014 2:57PM
Reference: 9619  

Reacting to news about KBC proceeding with an ‘orderly wind-down’ of the Antwerp Diamond Bank, the AWDC issued a statement in which it mentioned, “There is still room to find a solution, to keep the financing levels of the Antwerp diamond sector at market conform levels.”

“As an umbrella organization we have been duly following the developments in this matter,” says Margaux Donckier, AWDC spokesperson. “The divestiture of the Antwerp Diamond Bank (ADB) in 2009 was a precondition for KBC to be saved by means of state aid.” About one-third of Antwerp diamond dealers are financed by ADB. These are primarily small and medium size diamond dealers, for whom finding other sources of financing presents challenges.

AWDC is counting on KBC to act responsibly and to “(…) run down ADB’s activities in a gradual and orderly manner, (…) with respect for its clients and the contractual arrangements agreed with them,” as KBC stated on its own. Moreover according to KBC’s statement, there is a possibility for ADB to make a fresh start. With this in mind, AWDC is taking the necessary initiatives in collaboration with all partners involved. “Sound and reliable financing is crucial for the continuity and leadership of the Antwerp diamond sector,” says Margaux Donckier.

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