A recent press release from the National Bank of Belgium (NBB) presents a highly misleading view of Antwerp’s diamond industry, reporting figures that are more than three times lower than the actual trade numbers. In this message, we aim to clarify the issue and provide an accurate picture of the current state of Antwerp’s diamond trade.
The NBB claims that Belgium’s diamond imports and exports dropped to a total value of just $8.5 billion in 2023. However, data from the Diamond Office—the official control body for diamond imports and exports in Belgium and the only body in possession of the correct figures —shows a total value of $27.8 billion in 2023. That’s more than three times the NBB’s reported figure. All accurate Antwerp figures are published on AWDC’s website.
The issue, and the biggest mistake, is that the NBB’s numbers represent net purchases and sales by Belgian diamond companies, not the actual import and export values. As you all know, in the diamond industry, goods are often imported and re-exported without an immediate sale, which explains why the NBB’s figures are significantly lower than the real numbers.
Especially when it comes to (large) numbers, providing the right context and nuance is absolutely crucial. We hope this message helps clarify how to accurately interpret the current state of the Antwerp diamond industry.
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Heera Zhaveraat (HZ International) A Diamond, Watch and Jewellery Trade Promotion Magazine provide dealers and manufactures with the key analytical information they need to succeed in the luxury industry. Pricing, availability and market information in the Magazine provides a critical edge.
