A BRAND new diamond mine high in Lesotho’s Maluti mountains would add 5% to the country’s $2bn GDP and a million carats per year of rough gems to the global market, said Firestone Diamonds CEO Stuart Brown on Wednesday, warning against repeating SA’s mistakes.Firestone, which is traded on London’s Alternative Investment Market, would bring the R2.1bn Liqhobong mine into commercial production next month, ramping up to steady state production by June 2017, said Brown, who worked at De Beers for two decades, where he rose to become chief financial officer and joint acting CEO.Firestone would hold eight auctions a year in Antwerp, but there was pressure from the Lesotho government to add value to the rough diamonds. However, he said, SA’s State Diamond Trader and its handling of the cutting and polishing industry offered a cautionary tale.Employment in SA’s cutting and polishing industry has shrunk to just 300 people from 4,500 a few years ago. Industry players blame tax structures and ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.