(IDEX Online News) – ABN AMRO Bank N.V., one of the main financiers of the diamond business, is to close its office in Botswana which currently includes a small team from the International Diamond and Jewelry Group (ID&JG).

 

“Whilst recognising the important and favourable position of Botswana within this sector, the scale of the bank's operations in the country in the context of its global platform is too limited to be sustainable,” the bank said in statement.

 

“Clients are being informed. ABN AMRO is actively engaging in a dialogue with each client to find an optimal solution, related to the continuation of the business in the region from other locations. The ID&JG operations in Botswana are subsidiaries of ABN AMRO Bank N.V and employ four people.”

 

The decision comes just weeks before the first Diamond Trading Company Sight to be held in Botswana following the transfer of operations from London.