Speaking at a sightholders networking dinner held in Botswana last week, Kgotso Bannalotlhe, Head of Corporate and Investment Banking, Barclays Bank of Botswana, expressed his bank’s renewed interest in “doing business” with the diamond industry.

“We know the industry has been going through some challenging times but studies have shown that it is the nature of the business. It’s cyclical. We are looking to build solid partnerships with clients that have a long reputation in the business. We need clients that can weather any cyclical volatility and build long term partnerships not just transactions that last 30 or 60 days,” African media has quoted him as saying.

Coming at a time, when several banks have shown indications of cutting down on their exposure or toughening their terms when extending credit to the diamond industry,  Bannalotlhe’s statement will no doubt  be cause for cheer, specially for the local Botswana diamond manufacturing industry.

Bannalotlhe, it is reported, made it clear that Barclays’ will restrict its exposure to “corporate and investment financing” and would not be “funding junior miners”.