CHARTS: The coming critical minerals trade war is BRICS short of a load
"While a large number of countries around the world continue to talk about securing raw material supply, China is actually doing something about it."
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.
