Barclays renews appetite to finance diamond traders

(Mmegionline) - At a time when most financers are trimming exposure in the diamond sector, Barclays Bank Botswana has expressed a fresh appetite to finance rough purchases by local diamond cutting and polishing firms. Local diamond manufacturers bought diamonds worth $500 million from De Beers last year, which was a 46 percent decline from the 2014 supply. At least 22 sightholder firms are licensed to buy diamonds from De Beers in Gaborone for cutting and polishing before export. Addressing a diamond sightholders networking dinner on Tuesday, head of corporate and investment banking, Kgotso Bannalotlhe said after studying the market in the last few years the bank is now ready to do business with the industry, which is the backbone of the economy.