Antwerp, in Belgium, has traded diamonds since the 15th century, and its diamond district near Central Station holds four diamond bourses. A bourse is a private trading club where members buy and sell rough or polished diamonds on a shared floor under a common set of rules. Deals close with a handshake and a traditional blessing, and that spoken agreement is binding. Antwerp has long been one of the world's main hubs for rough diamond trading.
Five centuries of diamond trade
Antwerp took over the northern European diamond trade from Bruges in the late 15th and early 16th centuries, as Bruges's harbor silted up and Antwerp's port grew. Portuguese ships brought Indian diamonds to Lisbon after 1498, and many stones moved on to Antwerp. The city's polishers formed a guild in the 16th century. See Antwerp as a gem cutting center for the cutting side of the story.
After Spanish troops sacked and later captured the city in the 1570s and 1580s, many merchants and cutters left for Amsterdam, which led the trade for two centuries. Antwerp recovered in the late 19th century, when South African mines flooded Europe with rough (see history of the diamond trade). Jewish families from Eastern Europe and elsewhere settled in the city and became central to its diamond business.
Both World Wars disrupted the trade. During the German occupation in World War II, many diamond dealers fled, and Jewish members of the trade were persecuted and deported. Some dealers moved stock and operations to London and New York. After 1945 Antwerp rebuilt its industry and became the main rough trading center outside De Beers's own sales.
The diamond district
The district covers a few streets right beside Antwerp Central Station, including Hoveniersstraat, Schupstraat and Rijfstraat. It is small enough to cross on foot in minutes, and much of it sits behind security barriers and cameras. Offices of dealers, manufacturers, grading labs, banks and shipping firms crowd the area.
Over time the district's makeup has changed. Jewish families from Belgium and Eastern Europe dominated the trade for much of the 20th century. From the 1970s, Indian traders, many from Palanpuri Jain families in Gujarat, built a large presence, linked to cutting factories in Surat and Mumbai. Armenian, Lebanese and other communities also trade there.
The four bourses
Antwerp has four diamond bourses, all founded between the 1890s and the 1920s.
| Bourse | Founded | Main focus |
|---|---|---|
| Diamantclub van Antwerpen | 1893 | Polished diamonds; the oldest of the four |
| Beurs voor Diamanthandel | 1904 | Polished diamonds |
| Vrije Diamanthandel | Early 20th century | Polished diamonds; founded for manufacturers and polishers from the Kempen region |
| Antwerpsche Diamantkring | 1929 | Rough diamonds |
The Diamantclub van Antwerpen is the oldest diamond bourse in the world. The Antwerpsche Diamantkring specializes in rough. All four are members of the World Federation of Diamond Bourses, founded in 1947, which links bourses in many countries and sets shared trading rules.
How a bourse works
Bourses are membership clubs. A new member usually needs sponsors among current members and goes through a vetting process. Members can bring guests under rules set by each club.
Trading rooms have long tables beside large north-facing windows. Dealers prefer north light for judging diamond color because it stays even through the day. Sellers open folded paper packets, called parcels or briefkes, on the table, and buyers examine the stones with a loupe.
A typical deal goes like this:
- A buyer looks at the stones and makes an offer.
- Seller and buyer negotiate the price, sometimes over several days.
- They agree, shake hands, and say "mazal," often in the longer form "mazal u'bracha" (Hebrew for luck and blessing).
- The seller seals the parcel with the agreed terms written on the paper.
Once the handshake and "mazal" are given, the deal is binding. No written contract is needed at that point. Members who break their word risk expulsion, and expulsion from one bourse is shared with others through the World Federation, so a dealer can lose access to bourses across the world.
Arbitration and trust
Bourses settle disputes through their own arbitration panels, made up of experienced members. Parties agree to accept the panel's decision. This private system works because members depend on their reputation for repeat business.
Trust also supports the practice of lending stones on memo. A dealer may let another member take a parcel to show a client and return it unsold, with no deposit. The diamond pipeline page explains how memo goods move through the trade.
Rough trading and cutting
Antwerp's strength has long been rough trading. Many sightholders and large manufacturers keep offices there, and rough from African mines and other sources passes through the city. Belgium's diamond office registers imports and exports of rough, and Kimberley Process certificates travel with rough shipments (see conflict diamonds).
Cutting in Antwerp declined from the 1970s, as labor costs pushed work to India, especially Surat in Gujarat. The city kept a smaller industry focused on large, complex and high-value stones. The How Diamonds Are Cut page covers the work itself.
Antwerp in the modern trade
Antwerp remains one of the main centers for rough and polished diamond trading, alongside Dubai, Mumbai, Ramat Gan, Hong Kong and New York. Its share of world trade has shifted over the decades as Dubai and Indian cities grew. The district still runs on the same handshake customs that its bourses have kept for more than a century.
Frequently asked questions
How many diamond bourses are in Antwerp?
Four: the Diamantclub van Antwerpen, the Beurs voor Diamanthandel, the Vrije Diamanthandel and the Antwerpsche Diamantkring, which specializes in rough.
What does "mazal" mean in the diamond trade?
It comes from Hebrew and means luck. Dealers say "mazal" or "mazal u'bracha" with a handshake to close a deal, and the agreement is then binding.
Can anyone visit an Antwerp diamond bourse?
No. Bourses are private clubs open to members and approved guests. The surrounding district streets are public but heavily secured.
What is the oldest diamond bourse?
The Diamantclub van Antwerpen, founded in 1893, is considered the oldest diamond bourse in the world.