Talks to cushion diamond cutters reach business end

Due to depressed polished prices set against high rough prices, cutting and polishing companies globally, are facing difficulties with the local industry’s situation exacerbated by the comparatively higher labour costs.

In an interview with BusinessWeek yesterday, Coordinator of relocation & opportunities at the Diamond Hub, Mmetla Masire said while the major forces affecting the industry were external global factors, collective efforts to find local solutions are being pursued. A high level meeting between representatives from De Beers, Diamond Hub and manufacturers is scheduled for today. The meeting is expected to be the final round of negotiations, which began in February, between the three parties.