surat indian diamantaires in the worlds largest diamond trading centre in belgium are facing tough days with the belgian banks reportedly not lending to anyone linked to the diamond industrythe antwerp world diamond centre awdc has claimed that they have proofs that banks are systematically refusing customers with any connection to the trade for both personal and professional banking affairs according to usbased rapaport group the awdc stated that the lenders in belgium snub diamantaires even before theyve had a chance to submit a formal application to become a clientthe banks rationale is that the diamond trade carries a high risk the awdc said but it argued that this was an unfair perception given how much regulation companies must undergo and the degree to which domestic and international organizations monitor diamond transactions industry sources said that diamonds is a high value business and it cannot be done without the bank financing declining to offer banking services is not only limiting the antwerp trades prospects for growth its preventing the industry from becoming more transparent since a bank account is one of the requirements for registering a diamond business ironically the systematic refusal to open bank accounts for those that are linked to the diamond industry is preventing companies interested in reestablishing their business in antwerp from doing so awdc spokeperson said without a bank account you cannot trade nor establish a registered diamond company antwerps diamond trade has increasingly struggled to get credit in january 2014 amsterdambased abn amro began limiting its financing of roughdiamond purchases to 70 of the transaction value rather than the whole amount the following year the trade suffered from the closure of the antwerp diamond bankrapaport stated that the awdc had met 10 times with belgian finance trade body febelfin since 2014 following those meetings the trade body pledged to embrace the sustainable bank account access scheme under which companies go through an official audit so banks can keep their compliance spending low talking to toi regional chairman of gems and jewellery export promotion council gjepc dinesh navadiya said the small and medium diamantaires in surat are procuring rough diamonds from belgium when the big traders in belgium not getting bank finance it is going to be tough for the diamantaires in surat to procure diamonds on credit