Diamond Traders Raided in Antwerp (Updated)October 19, 08
The most recent raids follow a relative period of quiet in
Local diamond dealers complained in the past that authorities had accused them of tax evasion on diamond deals that had taken place some years ago and consequently confiscated goods from recent deals. “With such tight margins and liquidity issues, many firms prefer to settle and get the goods back quickly, and not fight in courts and jeopardize the existence of the business,” one trader told IDEX Online.
“This drives business out of Antwerp,” another dealer said. Many companies have set up companies outside of Europe, including in
Others are shifting their business out of Antwerp altogether. The Israel Diamond Exchange (IDE) is actively wooing Antwerp-based traders that are looking to do so, offering them a host of incentives.
The two firms were not available to comment.