|Indian diamond cutting and polishing firm KGK Diamonds has opened a diamond cutting and polishing plant in Gaborone, Botswana, reports Botswana's Mmegi, and is expected to process an average of US$1.5 million worth of diamonds every month.
The factory was officially opened at Gaborone's Diamond Technology Park, with Minerals, Energy and Water Resources Minister Kitso Mokaila in attendance. "Since the fourth quarter of 2014, we have lost two of our oldest diamond factories in Botswana, while over a thousand jobs have been lost," said Mokaila, as quoted by the news source. "So during these hard times, it is refreshing to have such good news. The opening of the new factory is a sign of the confidence that the company has placed in Botswana as an investment destination. It also gives us confidence that things will turnaround," said Mokaila, who also reportedly said that the establishment of the new factory is testimony to the strong long-term fundamentals of the diamond industry.KGK Group chairman Navrattan Kothari reportedly expressed confidence in the potential of Botswana, saying that the company had invested in the latest diamond cutting and polishing technology for the factory, and that they plan to increase the number of workers at the plant from the current 90, to 150 in the next year. Kothari also expressed the belief that "the current turmoil in the diamond industry is a temporary phase, which will pass soon," reports Mmegi.