With recent events and buzz diamonds may not be in the "hot" columns at
the moment, but this story shows why they could still be a business person's
This story also highlights the fact that many of the diamonds coming out of
Africa are not "blood diamonds".
"Local businessman, Mclean Letshwiti, has partnered with Tiffany's & Company
to open a diamond cutting and polishing company in Botswana.
The company, which has already been registered, will be operational by March
next year. Tiffany's is a renowned jewellery retailer with a US$ 3 billion yearly
turnover and a US$ 6 billion market capital value.
In an interview with Mmegi, Letshwiti did not reveal the figures involved in
the partnership but however said his shares are of substantial value.
"At the moment I am going at it alone but I will be inviting other
Batswana to join me in the partnership. I am not just going to keep it
courtesy of AllAfricaThis article seemed interesting to me because Botswana
enjoys one of Africa's highest per capita incomes and derives the bulk
of it's income from diamonds. Additionally, Botswana recently
expereinced a slight reduction in foreign direct investment in it's
diamond industry. However, this was not due to press associated with
"blood diamonds". In fact this contraction was due to a statement made
by a diamond executive at a leading diamond cutting and polishing
company about Botswana's diamond supply. It just illustrates the
sensitivity of small developing economies to damaging public relations.
Hopefully, this does not happen in Sierra Leone.
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Monday, December 18, 2006
photo courtesy of King's Jewelry