RAPAPORT... Chinese bank ICBC this week marked its entrance to the diamond market by signing a memorandum of understanding with the Antwerp World Diamond Centre (AWDC).

“This is a very important agreement,” said Ari Epstein, chief executive of the AWDC. “It is the first time that a Chinese bank fully commits itself and has decided to finance the diamond trade via Antwerp.”

AWDC explained that the agreement will enable pre-financing of diamond transactions via ICBC and will enable the Antwerp industry’s expansion into China. Members of the Antwerp diamond industry will embark on a 10-day road show through China in late October under the auspices of the AWDC, during which they will meet with Chinese jewelers from five different cities.

ICBC chairman Jiang Jianging said, ''The demand for diamonds to celebrate marriages in itself is substantial, not to mention the high demand from the wealthy investor class. We firmly believe the Belgian economy will play a predominant role in ending the financial crisis via the diamond industry.''