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.

Editor's Comment
Gov't must guard against cadre deployment

As the Botswana National Front (BNF) discusses a policy to place suitably qualified members in strategic positions, the guiding consideration should remain whether an individual is the best person to serve the country. There is nothing wrong with qualified party members applying for public positions. Political affiliation should neither disqualify a capable candidate nor give them an advantage over others. Every Motswana deserves a fair...

Have a Story? Send Us a tip
arrow up