“Only do business with clients who have impeccable integrity,” suggests Davy Blommaert, banker

Davy Blommaert heads the Diamond Business at National Bank of Fujairah, which falls under the bank’s corporate and institutional banking division. With nearly 10 years of experience in the diamond industry, he was tasked to establish a unit within NBF...

18 march 2019

Russia’s export legislation is like a log on the road making it difficult to drive through

Eduard Utkin, General Manager of the Russian Jewellers Guild Association, which is a member of the Russian Federation Chamber of Commerce and Industry, answers the questions from Rough & Polished regarding the activities of the country’s professional...

11 march 2019

Botswana mum on new demands as negotiations with De Beers draw closer

Botswana said it will begin new diamond marketing and sales negotiations with De Beers in June or July this year. Mineral resources minister Eric Molale told Rough & Polished’s Mathew Nyaungwa on the sidelines of a mining conference in Cape Town, South...

04 march 2019

DLX-jewellery will focus more on colour stone designed pieces as well as diamond jewellery sets going forward - Jack Chen, General Manager, DLX-Jewellery

Graduating in International Business from an Institute in Sydney, Australia, in 2015, Jack Chen returned to China to start managing his family-owned jewellery business. Besides holding a certificate in a practical diamond course at Gemological Institute...

25 february 2019

Ali Pastorini: “We have to change a little the way to sell the idea that buying jewelry is just for glamour”

Ali Pastorini is the co-owner of DEL LIMA JEWERLY and President of Mujeres Brillantes, an association which brings together approximately 1000 women working in the gold and diamond trading sector, mainly from Latin America, as well as from Turkey, Spain...

18 february 2019

Intesa is ready to buy diamonds back from its customers

07 march 2019

Intesa Sanpaolo has already refunded money to 60% of its customers, who purchased diamonds as an investment, according to Reuters.
“Two years ago we informed 8,000 of our clients that we were available to buy back diamonds [they bought from us] and 60 percent decided to return the gems and get all their money back,” the agency quoted the company's CEO Carlo Messina as saying. 
“The remaining 40 percent have decided to keep the diamonds, but they know that we are committed to buying them back at the price they paid for them.”
An investigation into the bank’s connection with an alleged diamond fraud is currently underway.
The reports say that four Italian banks - Intesa, UniCredit, Paschi, BPM - sold its customers diamonds for the double of their market price. 
Intesa Sanpaolo is Italy’s largest retail bank. 

Victoria Quiri, Correspondent of the European Bureau, Rough&Polished, Strasbourg