New York: Rio Tinto Diamonds will shut its North American sales and marketing office as part of a cost-cutting exercise.

The New York representative base, which was set up as a gateway to the lucrative U.S. retail sector, will be closed in the first quarter after a decade of operations.

“This decision reflects Rio Tinto’s continued focus on improved efficiencies,” a Rio Tinto spokesperson said. “We remain fully committed to the U.S. retail diamond jewelry market and will continue to work in partnership with our Select Diamantaires on marketing initiatives in the U.S.”

Brandee Dallow, the director of the office, will leave Rio Tinto when the office closes.