DiamondBuzz
Finestar Diamonds Expands in South Africa with State-of-the-Art Manufacturing Hub
Finestar’s new Johannesburg facility boosts local diamond processing, job creation, and skills development while reinforcing the company’s global footprint and commitment to sustainable growth.
Finestar Diamonds and Jewellery has strengthened its presence in Southern Africa with the inauguration of a new diamond manufacturing facility at Johannesburg’s OR Tambo Special Economic Zone (SEZ) Jewellery Manufacturing Precinct.
The launch ceremony drew senior government officials, industry leaders, and dignitaries, including representatives from the Indian High Commission, De Beers, and the State Diamond Trader. This marks another milestone for Finestar, following previous facility openings in Botswana (2020) and Namibia (2022).
The new South African facility aligns with the country’s beneficiation agenda, promoting local diamond processing, job creation, and skill development. Since 2022, Finestar has created 46 jobs in South Africa—over half held by women—and plans to expand the workforce to 90. Training initiatives are already underway, with 22 employees learning multiple stages of diamond polishing and planning.
Government officials emphasized that local beneficiation supports economic diversification, industrialization, and inclusive growth. The SEZ offers advantages such as VAT exemptions and world-class infrastructure, which help streamline operations for manufacturers.
Finestar executives highlighted that the facility represents a deliberate growth strategy to leverage the SEZ’s ecosystem, scale operations, and extend investment. The company views this move as not only enhancing diamond production but also unlocking opportunities across the jewellery value chain and empowering local communities.
Nilesh Chhabria, COO of Finestar, said, “Our presence in the Jewellery Manufacturing Precinct is a strategic decision to combine infrastructure, policy support, and collaboration opportunities with our partners, enabling us to scale operations and expand investment. We are committed to building on South Africa’s diamond legacy while creating value and shaping a sustainable future for all stakeholders.”
The Johannesburg hub adds to Finestar’s global manufacturing footprint, which includes facilities in India, Botswana, and Namibia, reinforcing the company’s focus on traceability, sustainability, and community impact.
DiamondBuzz
Richemont and Signet Jewelers Could Join Global Diamond Consortium In Bid For De Beers
Richemont, Signet Would Connect The Consortium To Key Global Growth Vectors Spanning Luxury High Jewelry and Mass-Market Retail.
The Global Diamond Consortium (GDC)
Richemont and Signet Jewelers are reported to be in talks about joining the Global Diamond Consortium (GDC), the preferred bidder for De Beers according to a Bloomberg News report.
GDC was selected in July 2026 as one of Anglo American’s preferred bidders for De Beers as part of Anglo American’s ongoing corporate restructuring.
The potential inclusion of Richemont—owner of luxury Maisons including Cartier and Van Cleef & Arpels—and Signet Jewelers—the world’s largest retailer of diamond jewelry, operating brands such as Kay Jewelers, Zales, and Jared—would connect the consortium to key global growth vectors spanning luxury high jewelry and mass-market retail.
Strengthening the Natural Diamond Ecosystem: Participation by major luxury brands and global retail leaders reinforces commitment across the entire value chain—from responsible mining and manufacturing to consumer engagement.
Balanced Governance Structure: Discussions center on potential minority equity positions that would support long-term category growth while maintaining appropriate separation between ownership and commercial strategy.
Broad Stakeholder Participation: The consortium continues to advance talks with host governments, including discussions with the Government of Botswana regarding a potential increase in its equity share in De Beers from 15% to approximately 25%, alongside participation from private investors and southern African host nations.
Discussions between GDC, Richemont, Signet, and participating government stakeholders remain ongoing. Terms of any potential participation, including the size of equity interests, have not been finalized and remain subject to regulatory approvals and definitive documentation.
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