October 25 -- Industrial and Commercial Bank of China (ICBC) (601398.SH, 1398.HK) signed an agreement with Belgium's Antwerp World Diamond Center (AWDC) yesterday to develop both parties' diamond financing businesses, reports cnr.cn.

According to the agreement, ICBC will provide AWDC with trade financing, cross-border yuan settlement, global cash management, bank card acceptance services, while AWDC will assist ICBC's Brussels office with equipment and information for the operation of its diamond financing business.

Over the next 10 days, 15 diamond dealers from Antwerp will vist Beijing, Taiyuan, Jinan, Hangzhou and Guangzhou, and showcase $200 million worth of diamonds.

Antwerp is the center of the world’s diamond business, accounting for 80 percent of total global diamond transactions. Diamond exports from Belgium accounted for 20 percent of the country’s total exports to China.

Source:CapitalVue