The Antwerp World Diamond Centre (AWDC) has publicly criticized the National Bank of Belgium (NBB) for releasing what it calls a “highly misleading” assessment of Belgium’s diamond industry.
Conflicting Data
In its press release, the NBB claimed that Belgium’s diamond imports and exports had halved since 2014, falling to $8.5 billion in 2023. However, the AWDC argues that this figure is grossly inaccurate.
According to the Diamond Office, Belgium’s official authority for diamond imports and exports, the actual value of the country’s diamond trade is $27.8 billion, more than three times the NBB’s reported total.
What Went Wrong?
The AWDC explained that the NBB’s figures are based on net purchases and sales by Belgian diamond companies rather than the actual import and export values. “In the diamond industry, goods are often imported and re-exported without an immediate sale, which explains why the NBB’s figures are significantly lower than the real numbers,” the AWDC stated.
“These figures are a misinterpretation of reality,” the AWDC added, emphasizing the importance of using accurate data to reflect the true scale of Belgium’s diamond trade.