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Today

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Bank issues force Grib to postpone rough auction

22 september 2022
Grib Diamonds says it's been forced to postpone its rough auction in Dubai next month after a correspondent bank blocked payments from some buyers.
The Antwerp-based company, which sells diamonds from a Russian mine, told customers it had canceled viewings due to take place from 4th to 8th October and an auction on 12th October, idexonline.com writes.
"We are currently encountering some banking issues and therefore prefer to wait until these are resolved before adding to them," it said in a message to customers. "Apologies to all who have spent time arranging travel plans."
Antony Dear, Gribs' head of sales, said: "The reason why the payments are blocked by this particular correspondent bank is at present unknown to us. All other correspondent banks processed payments without delay. To support our clients, we have engaged our external legal advisor. The legal advisor will initiate communication with the correspondent bank and will provide all the necessary information/evidence required to settle its concerns."

Alex Shishlo for Rough&Polished