Diamond firm closes, 400 jobs axed

Under pressure: High rough diamond prices set against low polished prices has squeezed margins for cutting and polishing firms
Under pressure: High rough diamond prices set against low polished prices has squeezed margins for cutting and polishing firms

One of the country’s oldest diamond cutting and polishing companies, Teemane Manufacturing Company (TMC) will close its factory at the end of this month, throwing close to 400 workers on to the streets.

The Serowe based company, which started operations in Botswana over 20 years ago, is the first local casualty of liquidity and profitability pressures facing diamond polishing companies globally.  The affected workers include 320 Batswana and 64 expatriates.

 “The closure of the factory is as a result of commercial pressures faced by the operation.

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