Antwerp Diamond Industry Reports Positive Meeting With Indian PM

Finance and Trade
05/04/2016 08:40

Antwerp World Diamond Centre’s (AWDC) Board of Directors met with Indian Prime Minister Narendra Modi during his visit to Belgium last week and came away pleased that they turned out to be on the same page on several issues. “Obviously we are pleased to see that just a day after our meeting with the prime minister, the Reserve Bank of India (RBI) decided to allow state banks to approve clean credit facility given by foreign suppliers to Indian importers of rough and polished diamonds, even beyond 180 days," said AWDC CEO Ari Epstein. "This will only serve to strengthen the already robust trade relations between the Antwerp and Indian diamond industries,” he was cited as saying by Rough & Polished.

Clean credit is a loan given by a foreign supplier to its Indian customer for importing diamonds without formal guarantees from an Indian financial institution, making the process swifter and easier. Banks are permitted to approve clean credit to Indian importers for imports of rough and polished diamonds, but not for a period exceeding 180 days.