Antwerp Facets Special Report

I am not revealing a state secret if I say that the Belgian diamond industry is going through a tough period, and has been since the global financial meltdown began last September. Imports and exports of rough and polished are down significantly, and that is a blow to an industry that provides an income for 34,000 people in the city and its environs. The number of transactions is down, as is the number of buyers coming to the city, which is regarded as the most important diamond center in the world.

In Antwerp, however, we have become accustomed for many generations to taking the long-term view. And rightly so for a city that has a more than 500-year history in diamond trading. Crises come and go, as do leaders and governments and, unfortunately, wars. But Antwerp remains constant in its leading role in the global diamond trade. Antwerp is synonymous with diamonds for a great deal of the general public around the globe, and is a natural venue for diamantaires across the globe who come to buy and sell. It is by far the largest center for the sourcing of rough diamonds. As the Antwerp World Diamond Centre logo so aptly puts it: "Diamonds love Antwerp".

However, just because a place is known for a certain product does not automatically mean that will always be the case. If proof is needed, one need simply cast an eye westwards to the United States and the feeble condition of its auto industry. A country that invented the mass production of cars and enabled them to come within grasp of just about every member of society, is now fighting for its very life. Indeed, so severe has the situation become that Chrysler has sought Chapter 11 bankruptcy protection, while General Motors and Ford are also sinking.

A name and a reputation are not necessarily enough to keep a company and a country in the game. Perhaps never before in the history of industrialization has the need to foresee and implement change been so crucial. Consumers who are spoiled for choice will not come knocking on the door of manufacturers who have traditionally monopolized a certain industry simply because of their name. Buyers want to be offered goods that fit their needs and requirements. They want fresh and original products in line with a new era. Above all, they don't want to be told what to buy, but to be offered exciting, high-quality, well-made products at competitive prices. Again, the example of the U.S. car industry is instructive, since its decline is largely due to not designing cars that would fit in with a new age of consumers seeking to save money on fuel and looking for green solutions.

In this respect, Antwerp is no different: it must fight for the right to be known as the leading global diamond center. In recent years, there have been huge changes in the diamond industry which seemed to offer a huge challenge to Antwerp's role in the diamond business. For example, Dubai set itself up as a diamond center, with huge government aid on a scale that no Belgian or any other national administration could match. Undoubtedly, Dubai has its attractions, but it appears that transparency is not one of them. Similarly, its living conditions and quality of life may have been regarded as exciting by some, but they could never equal the attractions of Antwerp, known for its superb communications, history, culture and wonderful style of life both for families and individuals. At the heart of the European Union, Belgium provides a stable and high quality of life.

This is not to gloss over the tough conditions demanded by the Belgian authorities, of course, but the privileges of living in Antwerp and doing business here must entail duties and responsibilities. Businesses need to be transparent in their operations. They must work in line with anti-money laundering and other regulations. We demand that firms work in a manner that is beyond reproach. We know this is not entirely easy and also entails extra expenses for businesses, but that is the cost of being part of the world's oldest diamond center. Our reputation is unblemished, and we hope to keep it that way for the next 500 years. Working together with my colleagues at the Antwerp World Diamond Centre, I pledge to do everything in my power to ensure this is the case.