Magang decries distressed diamond polishing industry

Speaking at a Botswana Institute of Chartered Accountants (BICA) gala dinner recently, Magang said the industry is experiencing problems that include the cost of production relative to places such as India and China.

“I am told that whilst it costs between $60 (P647.85) and $65 (P701.83) to polish one carat of diamond in Botswana, in India it costs between $12 (P129.60) to $25 (P269.94) and in China it costs between $20 (P215.95) to $30 (P323.92). Also, our productivity levels constitute an own goal,” Magang said.