Connect with us

Hi, what are you looking for?

Jewish Business News

Business

Fewer Diamonds Stay in South Africa For Cutting and Polishing

Africa -Daimond

 

South African diamonds are no longer staying in South Africa for cutting and polishing, or so says Itan Kaplan, chairman of South African Diamond Manufacturing Association or SADMA. The organization, which represents 90% of the benefication industry in South Africa, has dwindled from 1, 200 people to 900. Kaplan estimates that only 600 of those employees actually do benefication work directly.

Please help us out :
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at office@jewishbusinessnews.com.
Thank you.

The cause of the decline are the tight regulations enacted by South African government that have caused diamonds to be sent overseas for cutting and polishing. In addition, manufacturing costs in the country are high. Three years ago, there were 25 sightholders, and that number has dwindled to eight.

In addition DeBeers sold its mines to Petra, and DeBeer’s contract model of doing business is less volatile than Petra’s selling through tenders. The future of the benefication industry in South African, says Kaplan, may mean more consolidation and fewer players. “The diamonds will be in fewer local hands.”

Newsletter



Advertisement

You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...

Entertainment

The Movie The Professional is what made Natalie Portman a Lolita.

Travel

After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

VC, Investments

You may not become a millionaire, but there is a lot to learn from George Soros.