Pushing The Diamond Deal In Dire Times

A diamond dealer, Gagan Goyal, Managing Director of M.Suresh is optimistic about penetrating the industry that saw massive retrenchments in 2016, with 12 out of the 21 diamond cutting and polishing companies closing shop.

Currently there are 18 sight holders that are members of Botswana Diamond Manufacturers Association (BDMA). This number includes M.Suresh diamond cutting and polishing company that was opened last year. The 2,000 square metre state-of-the-art facility currently exports to various countries across the world.

When officiating at the launch of the company recently, the Diamond Trading De Beers executive vice president, Paul Rowley applauded Goyal for his bravery of setting up at a time when the mining industry in the country is not doing well.

“We see beneficiation as an important pillar of sustainability across the industry and experience has shown us that it works successfully when there are collaborations amongst key partners,” he said.

Rowley said that beneficiation is an important pillar of sustainability across the industry, adding that the facility attests to successfully run diamond business and is also a testament of what can be achieved in the industry.

In an interview with Monitor Business, Goyal said that despite the industry having suffered setbacks, there are opportunities that they can leverage on to ensure maximum benefit

of the business by locals. He said that they want to contribute in the job creation and skills transfer, as they are the most important aspects of beneficiation. “We want to become a fully integrated player across the complete diamond manufacturing supply chain. Through the use of advanced technology, our factory has developed various expertise throughout the pipeline and built sustainable strategic partnerships with major retailers and pioneers driving brand and signature collections,” he said.

Amongst the diamond manufacturing companies that retrenched two years ago are Moti Ganz (100), Leo Schachter (100), Eurostar (100), Shrenuj (90) Safdico (30), Diacore (50), Zebra (50), Dalumni, Tiffany’s (50) while Teemane (400) and DMB closed shop.

The massive retrenchments in the domestic diamond cutting and polishing industry were unabated as companies reeled from the effects of high rough prices and lack of liquidity. At its peak, the industry employed about 3,700 workers.

This situation was worse due to depressed polishing prices set against high rough prices, with the local industry’s situation, exacerbated by the comparatively higher labour costs.




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