Belgian tax authorities informed over five hundred diamond traders in the country that it expects each of them to pay taxes on money held in accounts in Switzerland, saying that these moneys are considered as income, according to Rough and Polished.



The announcement by tax authorities came after they had already asked the diamond industry in Antwerp to provide explanations for the existence of the money. Diamond companies chose to maintain silence for the most part.



The funds, held by at least 550 diamond traders in Belgium, amounts to a sum of over $1.5 billion. If the diamond traders in Antwerp continue to avoid cooperation with the authorities, the latter may choose to charge the traders with tax evasion. Media reports claim that the taxes equal about 50% of the undeclared bank accounts, plus additional fines, Rough and Polished reported.



About 80% of rough diamonds and 50% of polished diamonds pass through Antwerp.