de Kort & Partners

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DIAMONDS

September 30th, 2008

After centuries of being the undisputed world leader in producing and marketing diamonds, the Belgian port city is facing a series of new challenges, including globalisation, which are threatening to take the shine off its traditional role.

The Antwerp tradition of cutting and trading the most precious of gems began some 560 years ago. Now the industry - like other businesses - is shifting the bulk of manufacturing to low-wage countries like India and China.

Diamond production has also moved to Vietnam, Sri Lanka and Thailand, said Philip Claes, director of corporate affairs at the High Diamond Council (HRD), the industry's governing body.

In Asia, "labour costs for polishing are about one-fifth lower than here, you simply cannot compete with that," said Claes.

Indians initially sent their workers to Antwerp to learn and improve their techniques. These workers, in turn, opened up their own businesses.

Today there is no denying that Indians are Antwerp's main diamond merchants.

They handle two-thirds of the city's diamond trade, which last year recorded a total turnover of 30 billion euros ($39 billion), making up seven percent of Belgian exports and employing 30,000 people.

In the 1970s, more than 25,000 diamond workers were still active around the medieval heart of Antwerp and in the nearby villages of the countryside, often polishing the precious stones in small family-owned workshops.

Today, there are less than 1,000 specialised polishers struggling to survive. Antwerp, however, still has some cards up its sleeve.

For example, although India has evolved as a big competitor in small diamonds worth less than one carat, Claes pointed out that when "you have a special big diamond, you still come to Antwerp because business here has a centuries-old tradition, and people have the expertise".

And if changes need to be made in the polishing process, it doesn't take a long-distance phone call but just a walk around the corner to the workshop where the stone gets its shape, added diamond manufacturer Stephane Fischler.

For Antwerp's diamond industry, the only way forward is therefore to boost investment in the latest technology and to improve the promotion of the city's precious products, Fischler said.

Despite the centuries-old tradition, a trademark such as "Cut in Antwerp" still does not exist, he said.

As the margins in pure manufacturing have become too small, Fischler has created his own jewellery line and opened his own shops.

"That's exactly what it takes to survive," said Claes. "Our industry must try to find a special niche, focus on high quality products and develop own brands."

Young traders and manufacturers realise that changes are necessary, said Claes.

"But at the moment we're destroying ourselves by having to obey to very hard rules."

International diamond shipments to and from the city are subject to detailed customs procedures.

Belgium introduced them in 2002 to prevent the trade of conflict or blood diamonds, which are mined in a war zone and clandestinely sold in order to finance an insurgent or invading army's war efforts.

In 2004, the Belgian government also adopted one of the world's toughest anti-money laundering bills, prohibiting cash transactions over 15,000 euros. "Our laws are much stricter than anywhere else," said Claes.

This drives up costs, he said: "So people go to places like Dubai where it is easier to deal as they're not asked many questions."

Dubai is also challenging Antwerp's trading dominance with incentives such as a 50-year tax holiday. It is also very close to India. As a result, some Antwerp trading firms have already opened offices there.

In addition, diamond producing countries such as South Africa, Botswana and Canada, which currently send their rough diamonds to be manufactured and traded in Antwerp, have started levying taxes to build up their own polishing industry.

The industry has also started to show cracks from within.

Small operators claim that the HRD favours bigger companies, thereby cutting off many small-and medium-sized manufacturers from supplies.

Jewish cutters and traders may have dominated Antwerp's diamond sector for centuries but with the arrival of Indian dealers in the 1970s, Jewish businesses in the city have been closing down and currently represent only 40 percent of the city's diamond trade.

The fact that the Indian community is not represented on the Council's board is a source of controversy

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