Antwerp in The Netherlands.
84% of the world's rough diamonds and over $16billion worth of polished diamonds pass through Antwerp's exchanges annually.
As you might expect, many of these rare a precious stones are, understandably, priced/valued in EUR, but, a large proportion are also valued in the global reserve currency of US dollars.
This means businesses and brokers operating outside the sphere of this local or reserve currency, for instance those in the UK, require currency exchange capabilities in order to pay for items and to value items them may wish to sell, and trade or operate globally across these markets.
Prime Cap assists brokerages, wholesale distributors and jewellers who might in fact work with the end product, to procure said gems and jewels at commercial, rather than retail, rates of exchange.
Margin means a great deal to businesses like Canary Blue operating in these spheres, but, what can be more useful is insight and understanding as to what moves rates of exchange and how to minimise if not remove exposure to adverse movements whilst keeping the door open to benefitting from an upside shift in rates.
Transactions in this sector can be intensely time sensitive, requiring imminent if not immediate settlement of purchases.
The ability to input and execute an exchange directly and without delay is a significant lure to those businesses exchanging currencies daily if not hourly - and this is precisely what our corporate payment and settlements platform is geared to cater for.
We have always said that the Prime Cap approach is a blended one.
We have taken the new and simple tech solutions that tempt millennial customers to deal through their handheld devices, and applied foreign exchange functionality to it...
...but, at the same time we keep our brokers present and visible, enabling business and private clients to access the insight that will optimise their dealing activities and add value to their experiences of exchanging and sending money to clients, suppliers, friends and family.