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 Post subject: Bank Suspends Credit for ‘Unprofitable’ Rough Diamonds
PostPosted: Thu Jul 25, 2019 8:09 pm 
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Russell Shor for GIA wrote:
De Beers and Alrosa both slashed their rough diamond sales in the second quarter of this year and further cuts are sure to come following ABN AMRO’s announcement that it will no longer finance rough purchases for goods that can’t be cut profitably – that includes the majority of sizes and qualities.

ABN AMRO’s restrictions are stringent. It defines “profitable” sales as those that can achieve “real sales margins for goods sold as soon as possible after purchase of rough without considering credit terms.” This means the bank is likely to finance only a narrow range of goods that are in demand; mostly medium to better quality diamonds above 0.5 cts.
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