Research reaffirms significance of Antwerp diamond sector

The Antwerp diamond sector was under the microscope of a few researchers, to estimate its contribution to the economies of Belgium, the Region of Flanders and the Province of Antwerp. It was conducted against the backdrop of the transformation of the Belgian diamond industry and trade, within the globalising world economy.

The Catholic University of Louvain (KUL), conducted the research, carried out by Prof. Dr. Joep Konings and Stijn Vanormelingen.

The intent was to ascertain the economic significance of Antwerp’s diamond sector from the general perspective of the Belgian economy, and the more specific perspectives of the economies of Flanders and the Province of Antwerp.

The findings of the KUL research informed that: the Antwerp diamond sector is Belgium’s largest exporter to countries outside the European Community, claiming 14.3 percent of all non-EU exports; it contributed about 70 percent of Belgium’s positive trade balance – €1,6 billion out of a total of € 2.3 billion; it continues to be a driver of both direct and indirect employment in the regional economies, providing more than 34,000 jobs and is a major source of revenue for the national economy, contributing about € 500 million of the added value generated by Belgium’s foreign trade.

“From a national economic perspective we are a sector of vital strategic importance, and our government consequently should do all that it can to ensure that we are provided an optimal environment in which we can consolidate and improve our position within the international diamond trade,” said Freddy J. Hanard, CEO of Antwerp World Diamond Centre (AWDC).