Antwerp Trade Mission Strengthens Diamond Industry Ties With S. Korea

(IDEX Online) – The Antwerp World Diamond Centre (AWDC) has signed a Memorandum of Understanding with the Korea Jeweller Confederation Association to further explore future collaboration between the two organizations.

The event was part of a trade mission to Seoul from December 11 to 14 organized by the City of Antwerp and led by its Mayor, Bart De Wever, with the AWDC being a mission partner. The agreement aims to boost connections between the South Korean industry and the Antwerp diamond sector.

"While South Korea is a growing market for polished diamonds, and Antwerp is the undisputed global capital of the diamond trade, Antwerp’s market share in the country is currently rather limited," the AWDC said in a statement. "The City’s mission to Seoul is therefore the perfect occasion for the Antwerp diamond industry to promote its strengths and advantages and to use them as a starting point to strengthen the commercial ties between the two markets.

"The government of South Korea has identified the jewelry market as one of the key sectors for promoting Korean craftsmanship and increasing employment in the jewelry industry. The demand for diamonds from the industry is currently growing substantially. The South Korean market thus offers a tremendous opportunity for the Antwerp diamond industry, and vice-versa. Antwerp’s expertise, critical mass and reputation could serve as a driver providing support to the continued growth of the Korean jewelry industry," the statement added.

Various networking events have been organized during the mission aimed at strengthening ties between the two cities and establishing new contacts.