Diamond & Jewelry News, Advice and Prices for Consumers
Diamond & Jewelry News, Advice and Prices for Consumers
July 15, 2010
When and why did Antwerp even get into the diamond game and is it still as powerful a player as it used to be? I know that Belgium doesn't have any diamonds as a natural resources and doesn't have any diamond mines, so it seems kind of random to me that Antwerp should have become the diamond capital of the world.
July 24, 2010
Although Antwerp is still a world leader in the diamond industry, the Belgian city suffered some setbacks in 2008-2009 coinciding with the economic downturn in the United States. The demands for diamonds and luxury diamond jewelry dropped significantly, and Antwerp is still feeling the crunch. By October 2009 the diamond trading market is beginning to stabilize, although analysts do not predict it to return to its pre-economic crisis figures until at least 2010.
July 16, 2010
Antwerp's involvement in the diamond industry dates back over 500 years. The Belgian city was first acclaimed as a major player in the diamond industry in the 1500s, although it lost this title for a few decades during the 17th and 18th centuries, when Bruges and Amsterdam temporarily superseded it as the world diamond capital. Antwerp has never harbored diamonds as a natural resource, and early on most of the rough diamonds processed in Antwerp were imported from India. Although diamond cutting was invented by goldsmith Louis de Berquem in the nearby city of Bruges in the 15th century, it quickly spread to Antwerp. Soon Antwerp diamond cutters became so skilled that their fame spread around the region, and even France's King Francois I employed them to cut the royal diamonds over French diamond cutters. When the Spanish conquered the city in the 1580s, coinciding with the Spanish inquisition, many of Antwerp's Jewish diamond cutters escaped to Amsterdam, and diamond cutting in Antwerp came to a temporary standstill. It later resumed, although many of the diamonds processed in the city first passed through Amsterdam, and the rival city kept the highest quality diamonds for itself. Faced with a stock of inferior diamonds, Antwerp diamond cutters developed innovative cutting and polishing techniques and styles to maximize the diamonds' fire and shine, putting Antwerp once again at the forefront of the diamond cutting industry. In 1863 the first diamonds trading exchange was established, and it grew rapidly, especially after extensive diamond fields were discovered in South Africa, which channeled most of their diamonds through Antwerp. The diamond industry thrived until the Great Depression swept the United States and its repercussions rattle Europe as well. The demand for diamonds and diamond jewelry plummeted, and Antwerp cut diamond production by half. Sensing impending doom, many of the city's Jewish diamantairs fled the country ahead of World War II, packing some 90% of the city's diamonds to prevent them from ending up in German possession. Many moved to Israel, founding the Israeli diamond industry from scratch. It wasn't until after World War II that the city started to rebuild its diamond trade, and diamonds smuggled out of Antwerp prior to the war were returned to the Belgian city. Today, Antwerp's diamond industry has recovered completely and about 85% of rough diamonds and 50% of polished diamonds for jewelry pass through Antwerp. The city has over 250 diamond cutting companies, and the diamond trading market is world leader in the field.
