Where does the bank stand in a sector of extremes?

Diamond in hand
Where does the bank stand in a sector of extremes

ABN AMRO has been serving clients in the diamond sector for over a century, financing a fascinating and timeless product. There’s also a downside, though. Most rough diamonds are mined in developing countries, where sustainability is a risk factor, just as it is in industries like textile and cocoa.

Mining rough diamonds was a controversial activity until the beginning of this century, as rebel movements in areas of conflict were using the proceeds to finance their wars. The sale of ‘blood diamonds’ ended with the Kimberley Process Certification Scheme (KPCS) in 2003, when NGOs, business and governments  successfully joined forces to curb the sale of diamonds from conflict areas.

Although the KPCS was a major step forward in terms of sustainability, problems can still arise in less professional businesses, where poor working conditions and pollution are still commonplace. In this video, Geert van Reisen, Head of Strategy and Portfolio Management Diamond & Jewellery Clients explains the bank’s stance in a sector of extremes. And what role ABN AMRO wishes to play in making this sector more sustainable.