Diamond cutting, polishing firms seek gov’t help
Friday, February 16, 2024 | 2960 Views |
![Challenging times: Diamond cutting and polishing firms have appealed to government for help PIC: MORERI SEJAKGOMO](https://cdn4.premiumread.com/?url=https://www.mmegi.bw/mmegi/uploads/images/2024/02/18/100429.jpg&w=800&q=72&f=jpg&t=1)
Challenging times: Diamond cutting and polishing firms have appealed to government for help PIC: MORERI SEJAKGOMO
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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