Diamond firm closes, 400 jobs axed
Wednesday, February 04, 2015
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Under pressure: High rough diamond prices set against low polished prices has squeezed margins for cutting and polishing firms
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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