$200M in Diamonds Stuck in Belgium as Brink's License Suspended

(IDEX Online News) - The Brussels Commercial Court suspended Brink's Diamonds and Jewellery Services' license for cash-in-transit at Zaventem airport, blocking the shipment of diamonds worth $200 million at the airport. In response, Antwerp World Diamond Centre (AWDC) warns of economic losses and reputational damage to Antwerp.

In an open letter, the AWDC said that the transportation of high value items through Zaventem airport by Brussels, such as diamonds, gold, and bank notes has been halted as a consequence of the license suspension. Brink's was the sole operator of the airport's vault.

"On behalf of the Antwerp diamond industry, we want to caution for the severe financial consequences of these developments on the Antwerp diamond sector, an important pillar of the Belgian economy, employing 34.000 people and representing a yearly turnover of 45 billion dollars," warn AWDC CEO Freddy J. Hanard and Vice CEO Ari Epstein.

The two further warn that by blocking shipments of rough diamonds, the entire distribution chain is paralyzed from rough to polished. "Needless to say, Antwerp cannot be held hostage in this conflict any longer," they add.

 
The background to the court's decision is the bankruptcy of Brink’s Belgium S.A. and a dispute in which the goods are "a pawn" according to sources familiar to the situation.

Brink’s said it will continue to operate in Belgium through its Global Services unit, which provides secure transport of diamonds, jewelry, precious metals and banknotes.

Courier companies are already starting to ship diamonds via other airports to insure the flow of goods out of Belgium.