The bank Standard Chartered said the termination of funding of a number of sectors of the diamond and jewelry industry to reduce the volume of investments in riskier assets, according to Reuters.
Division of Standard Chartered, is engaged in the issuance of loans to companies lapidary jewelry and diamond industry, will be closed. Under his direction, were loans totaling about $ 2 billion.
"Further funding for the cutting and polishing segment of the jewelry and diamond industry goes beyond the more rigid boundaries risks of our bank we work with our customers for a smooth completion of the work of this department." - said the representative of the bank.
In the past two years, a number of banks in the world's largest jewelry and diamond markets - such as India - stopped lending to this sector, fearing the growing number of defaults, as well as on the background of tighter regulation and more rigorous audits of government in this segment. In view of these factors and the diamond jewelry market was faced with a lack of lending.
Since January of this year, banks such as Standard Chartered, State Bank of India, IDBI Bank Ltd and ABN Amro have become more cautious about their investments in the jewelry sector.
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The third by the Indian International Bullion Summit (IIBS) will be held in Mumbai on December 1, 2015. Shantikanta Das, Secretary for Economic Affairs of the Ministry of Finance of India, will be the main guest of the one-day summit.
The summit, which was organized by the Indian Bullion and Jewelery Association (IBJA), will bring together influential industry leaders, government members and analysts from around the world to discuss and hear presentations on the gold and jewelry industry. Almost 1,500 delegates from India and from around the world will attend the event.
"Since now India is the main market for gold bars and jewelry, We look forward to the increased and active participation of industry representatives from all over the world at this summit. Both Indian and international companies will present their views on important industry issues.
India is thus fulfilling its mission to create jobs, develop staff skills, and increase exports, "said IBJA President Mohit Kamboj.The summit will organize three seminars on today's scenarios for the sale of jewelry and precious metal bullion, For example, under the scheme of gold bonds, as well as on the problems of jewelry online
trading.In the framework of the event, there will also be an IBJA fashion show, a presentation of jewelry awards and a jewelry exhibition .The summit will also become a platform for cooperation of refining Factories and the jewelry sector. The event will feature important industry representatives who will present important opportunities for interaction and business.
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