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Diamond cutting, polishing firms seek gov’t help

Friday, February 16, 2024 | 3100 Views |

Challenging times: Diamond cutting and polishing firms have appealed to government for help PIC: MORERI SEJAKGOMO

The country’s diamond-cutting and polishing firms have asked government for a wage subsidy and exemption from the training levy as they fight for survival in a diamond slump, which has seen some factories fail to reopen after the festive season break.

By the last count, the country had 48 diamond cutting and polishing firms, most of which are clients of De Beers from whom they are under contract to purchase rough diamonds in 10 sales events each year.

However, with diamond prices and demand slumping to pre-COVID lows last year, the firms have found themselves stuck with costly inventory, unable to offload it to the retail market, while under pressure from overheads, including bank credit.

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