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De Beers adds Botswana sightholder

July 15, 2009

Gaborone, Botswana--In a decision De Beers is terming "exceptional," the diamond giant has opted to add a sightholder in the middle of the contract period.

According to a media release issued by the Diamond Trading Co. (DTC) Botswana, it has appointed Shrenuj Botswana (Pty) Ltd. as a DTC Botswana sightholder following approval by the board.

The decision, the release states, was made to support the sustainability of diamond manufacturing in the African nation.

According to the release, due to the economic downturn and subsequent drop in demand for diamonds, an unnamed diamond cutting and polishing factory in Gaborone, Botswana, was on the verge of shutting down.

But the intervention of Shrenuj Botswana means that 150 jobs will be saved and the Shrenuj Botswana factory will now continue to manufacture diamonds.

The new ownership means a change of focus for the factory, which now will work on cutting and polishing the rough diamonds suitable for Shrenuj's downstream requirements for the key consumer global markets.

Brian McDonald, managing director of DTC Botswana, said in the release, "As we do with all our sightholders, we will offer every assistance to ensure the success of this manufacturing facility and hence its contribution to beneficiation and corporate responsibility in Botswana."

Shrenuj Botswana is part of the Shrenuj India Group, which has been a DTC sightholder since 1982.

According to the release, Shrenuj Botswana has met the rigorous sightholder eligibility criteria required to be a DTC Botswana sightholder.

The company has separately been granted an operating license by the Government of Botswana.
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