Bank Issues Force Grib to Postpone Rough Auction
September 20, 22
(IDEX Online) - Grib Diamonds says it's been forced to postpone its rough auction in Dubai next month after a correspondent bank blocked payments from some buyers.
The Antwerp-based company, which sells diamonds from a Russian mine, told customers it had canceled viewings due to take place from 4th to 8th October and an auction on 12th October.
"We are currently encountering some banking issues and therefore prefer to wait until these are resolved before adding to them," it said in a message to customers. "Apologies to all who have spent time arranging travel plans."
Grib, a subsidiary of AGD Diamonds, has been marketing diamonds from the Grib diamond pipe, 130km from Arkhangelsk, in north-west Russia, at spot market internet auctions since 2014.
In January it set a new company record when it raised $73m from the sale of 560,000 carats in Antwerp."
Antony Dear, Gribs' head of sales, said: "Some of our customers recently faced an issue with a particular correspondent bank blocking payments to Grib Diamonds.
"The reason why the payments are blocked by this particular correspondent bank is at present unknown to us. All other correspondent banks processed payments without delay.
To support our clients, we have engaged our external legal advisor. The legal advisor will initiate communication with the correspondent bank and will provide all the necessary information/evidence required to settle its concerns."
Pic courtesy Grib