Report: Tiffany’s to Polish Diamonds in Botswana

According to AllAfrica.com, Tiffany’s & Co. is planning to open a diamond cutting and polishing plant in Botswana by next March in partnership with a local businessman, Mclean Letshwiti. 

Although Letshwiti would not reveal his share of the partnership, he did say that, “At the moment I am going it alone but I will be inviting other Batswana to join me in the partnership. I am not just going to keep it to myself.”

The government reportedly awarded the license to Tiffany’s, and Letshwiti told the news agency that all the necessary staff recruitment, factory renovations, and machinery have been finalized.

Letshwiti advised Batswana to get involved in the diamond industry because it can create many opportunities. He said that people should not wait for the government to do everything for them, but approach foreign companies on their own and convince them to invest in the country.

Letshwiti said the venture will succeed since it has a great deal of experience and a lot of resources worldwide.

De Beers, the main diamond miner in the country, has recently agreed to supply local polishers with rough diamonds mined in the country. This was a major shift from the existing policy of shipping to London goods from all over the world, where they were mixed and sold to clients.