The company, which owns Leo Schachter Botswana (Pty), a diamond cutting and polishing company based here, came to Botswana when skeptics viewed the polishing and cutting of rough stones in the country as unprofitable.
Elliot Tannenbaun, who is the chief executive officer of Leo Schachter Diamonds, says his company will continue to show commitment to countries where it operates.
"Each of these countries plays a distinct role in our worldwide operations, forming a link that cannot be easily broken," Tannenbaun told a press conference at the factory last Thursday.
"The only thing our factory needs to keep growing and improving is the continuing cooperation and goodwill of the people and the government of Botswana."The Leo Schachter Group bought the factory from Lazare Kaplan International in 1998, and lost little time in turning it into a trailblazer in terms of polishing and cutting technology in Botswana.The factory uses state-of-the-art technology that includes laser machines to save costs.
Leo Schachter Botswana accounts for 45 percent of value of rough stones used by Botswana factories. Currently, Botswana is becoming a diamond-polishing hub following an agreement between De Beers and the Botswana Government that has resulted in the licensing of 16 diamond-cutting companies.But only five of the licensed cutting factories are in operation so far.
Leo Schachter Botswana currently sources its stones from Diamond Trading Company (DTC) London. But when DTC Botswana becomes operational next year, Leo Schachter should make a considerable cost-saving strategy by sourcing stones locally."Botswana, besides its skilled workforce, plays a central role in terms of rough diamond supply. The importance of this resource to our company is reflected in the massive investment we have made since we bought the factory in 1998," says Tannenbaun.
He says China has low-cost skilled labour and credits India with being a manufacturer of diamond jewelery.Some of jewelery's best brands treated in Molepolole are Leo Diamond, which is the company's flagship product prominent on the American market.The Leo Diamond brand reaches an estimated 2 000 shops around the world.Apart from the Leo Diamond brand, the factory polishes any shape and size of rough diamonds.
