Connect with us

Headlines

Bank to End Its US Diamond-Lending Business

mm

Published

on

Its NY office will be shuttered this year.

Amsterdam-based bank ABN Amro will end its diamond-lending business in the U.S., Rapaport News reports.

It plans to shutter its New York office by the end of the year. In its first-quarter report to investors, the company stated: “The Diamonds & Jewellery portfolio has declined over the years and continues to face challenging market circumstances.”

It added that impairments totaling 41 million euros were recorded in the first quarter.

The company’s diamond-and-jewelry office in Dubai is also slated for closure, according to Rapaport.

ABN Amro’s diamond and jewelry lending business will continue in Hong Kong as well as Belgium.

Read more at Rapaport News

Advertisement

Advertisement

SPONSORED VIDEO

Wilkerson Testimonials

If It’s Time to Consolidate, It’s Time to Call Wilkerson

When Tom Moses decided to close one of the two Moses Jewelers stores in western Pennsylvania, it was time to call in the experts. After reviewing two candidates, Moses, a co-owner of the 72 year-old business, decided to go with Wilkerson. The sale went better than expected. Concerned about running it during the pandemic, Moses says it might have helped the sale. “People wanted to get out, so there was pent-up demand,” he says. “Folks were not traveling so there was disposable income, and we don’t recall a single client commenting to us, feeling uncomfortable. It was busy in here!” And perhaps most importantly, Wilkerson was easy to deal with, he says, and Susan, their personal Wilkerson consultant, was knowledgeable, organized and “really good.” Now, the company can focus on their remaining location — without the hassle of carrying over merchandise that either wouldn’t fit or hadn’t sold. “The decision to hire Wilkerson was a good one,” says Moses.

Promoted Headlines

Most Popular