Categories: Headlines

Bank to End Its US Diamond-Lending Business

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

INSTORE Staff

Over the years, INSTORE has won 80 international journalism awards for its publication and website. Contact INSTORE's editors at editor@instoremag.com.

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Tags: diamonds
6 years ago

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