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One of the charms of the West Indies (3)

Ross

I believe the answer is:

obi

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'the west indies' is the definition.
Although both the answer and definition are singular nouns, I can't understand how one could define the other.

'one of the charms' is the wordplay.
'one of' becomes 'o'.
'the charms' becomes 'bi' (I can't explain this - if you can you should believe this answer much more).
'o'+'bi'='OBI'

'of' is the link.

Can you help me to learn more?

(Other definitions for obi that I've seen before include "Broad Japanese sash" , "Japanese habit?" , "magic" , "Sash worn on Japanese kimono" , "exotic waistband" .)

I've seen this clue in The Globe and Mail.
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