Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
AFP reports the Antwerp diamond industry, world capital of the gem, on Monday announced an investment deal with leading Chinese bank ICBC, which could act as an intermediary to provide finance for diamond transactions in Antwerp.
Around 80% of the trade in uncut diamonds and half of world trade in cut stones transits through the Flemish town, which is facing increasing competition, including from India.
“The diamond is a special investment product and has a distinct function that other investment products cannot replace,” ICBC’s Jiang Jianqing said.
“We firmly believe that the Belgian economy through the diamond industry will play a predominant role in ending the financial crisis,” he added.
