The ABN Amro bank is not boycotting Zimbabwe, CEO Victor Van Der Kwast told the Times of India, seeking to clarify his statements at the recent Mines to Market diamond trade conference in Mumbai that his bank would refuse to finance any transactions for Zimbabwe diamonds.

ABN Amro would like to help Zimbabwe mine its rich mineral and diamond resources, Van Der Kwast said, but since the bank was based in Europe, it had to follow European regulations and comply with the EU sanctions currently in place against trading in Zimbabwean diamonds.

Van Der Kwast's clarification comes after a new Indian rough diamond sourcing consortium – Surat Rough Diamond Sourcing India Ltd (SRDSIL) - entered into an agreement with Zimbabwe's government to train Zimbabweans in diamond cutting and polishing in exchange for a direct supply of rough diamonds.

India, which just opened the world's largest diamond bourse in Mumbai, is both one of the world's most important centers of the diamond industry and one of the largest emerging markets for diamonds and diamond jewelry.

Van Der Kwast's statements in Mumbai had been echoed by Pierre de Bosscher, chairman of the executive committee of the Antwerp Diamond Bank (ADB). Both officials said that dealing with Zimbabwe diamonds presented a "reputational" concern for their banks, with de Bosscher adding that ADB would not deal directly or indirectly with Zimbabwe so long as OFAC sanctions remained in place.