Shrenuj closes, 300 jobs lost

Shrenuj Botswana’s parent company, Shrenuj &Co has run into trouble in India where it is failing to pay back lenders about $450 million. As a result of troubles at Shrenuj &Co, De Beers has suspended the company’s allocation of diamonds (sight) for financial compliance reasons.

 According to sources close to the developments, the trouble at the parent company left the local subsidiary, whose operations were wholly funded from India, without diamonds to cut and polish as well as no funding.