Carnage in diamond cutting industry

Despair: More diamond companies continue to lay off workers
Despair: More diamond companies continue to lay off workers

The massive retrenchments in the domestic diamond cutting and polishing industry continues unabated as companies reel from the effects of high rough prices and lack of liquidity.

According to information reaching BusinessWeek, another local cutting and polishing company, Diacore has retrenched 50 employees taking the total number of affected workers in the industry to around 1,000 in the past year.

At its peak, the industry employed about 3,700 workers. Companies that have recently retrenched include Moti Ganz (100), Leo Schachter (100), Eurostar (100), Shrenuj (90) Safdico (30), Zebra (50), Dalumni, Tiffany’s (50) while Teemane (400) and DMB closed shop. Diacore diamond polishing company, which has been operating in Botswana for seven years, employed about 130 people before trimming down the workforce to 80 employees.

Editor's Comment
A step in the right direction

That is indeed a welcome development, especially looking at the fact that the manual way of doing things is slowly disappearing and competency in the use of computers and other digital gadgets has become a must.The simple way of looking at it is just an example that almost all companies have gone completely digital and school leavers will be better placed after leaving school, because they will already be familiar with the use of computers.The...

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