Ad
Only the bigger and more valuable diamonds are cut in Antwerp, the rest are processed in India and China (Photo: EUobserver)

Recession hits diamond capital Antwerp

Diamond trading, certification and polishing businesses in the Belgian city of Antwerp have reduced activities and temporarily laid off staff due to the economic crisis, as the industry is dependant on the cash-strapped banks to finance it.

A handful of old men with typical black hats and long grey beards sit scattered across an immense hall, some playing chess, others simply chatting with each other. The impression is of a social centre or a retirement home.

In fact, it is the t...

Get EU news that matters

Back our independent journalism by becoming a supporting member

Already a member? Login here
Only the bigger and more valuable diamonds are cut in Antwerp, the rest are processed in India and China (Photo: EUobserver)

Tags

Ad
Ad
Ad