Finestar Diamonds and Jewellery launches new R300m manufacturing facility.
Finestar Diamonds and Jewellery, a leading global diamantaire with a strong presence in India, Botswana, Namibia and South Africa, proudly marks a new milestone with the opening of its South African factory at the Jewellery Manufacturing Precinct situated at the OR Tambo Special Economic Zone at OR Tambo, Kempton Park, Johannesburg.
Attended by government representatives from South Africa, the Indian High Commission in South Africa, stakeholders from the industry, media and employees of Finestar, this celebratory event follows the opening of the Botswana Factory in 2020 and the Namibia Factory in 2022. This investment of R300m contributes to South Africa’s beneficiation agenda and underscores Finestar’s long-term commitment to advancing beneficiation, skills development, and community empowerment in Southern Africa.
Delivering the keynote address, Gwede Mantashe, Minister of Mineral and Petroleum Resources, South Africa shared: “The opening of the factory is not only a celebration of Finestar and its partners, but also a proud moment for South Africa and SADC. Our economic vision as government is both clear and developmental in focus. We seek to build inclusive growth by rebuilding productive sectors of the economy and by promoting investments that strengthen local manufacturing. Local mineral beneficiation has been identified as one of our priority growth areas precisely because it allows us to move up the value chain, diversify the economy, and create decent and sustainable employment.”
Finestar’s investment directly supports South Africa’s national objectives of job creation, skills development, and industrialisation.
“Since establishing in South Africa in July 2022, Finestar’s investment has created sustainable jobs currently employing 46 South Africans with over 50% being women. We anticipate employing a further 54 bringing the total to 90. In skills development we have initiated structured skills transfer programmes from the companies’ experienced Indian polishers and planners and currently 22 of our employees are being trained across different departments – to master the entire process and not just one stage of manufacturing.
"We are proud to contribute to the South African economy in a meaningful way that speaks to the ethos of beneficiation and strengthening South Africa’s position in the global value chain”, says Prince Mbetse, chief executive officer, Finestar South Africa.
The Beneficiation Value Chain in its simplicity speaks to transforming rough diamonds, mined locally into polished stones locally ensuring more value is retained within the country. This benefits the broader jewellery ecosystem, stimulates related industries, and creates opportunities for suppliers and service providers.
“By creating an enabling legislative environment and policy framework companies such as Finestar can benefit and be able to sustain their operations in a secure environment for both personnel and equipment. The SEZ further provides VAT exemptions that create cash flow and alleviate unnecessary financial constraints,” comments Dr Ezra Ndwandwe, Gauteng Industrial Development Zone (GIDZ) Board chairperson.
Contributing to the stellar lineup of speakers were the Honourable High Commissioner of India to South Africa, Shri Prabhat Kumar; Finestar’s founder and managing partner Vinod Jain, and promoter Gaurav Jain; Paul Rowley, executive vice president of Diamond Trading at De Beers Group; Nosiphiwo Mzamo, CEO of the State Diamond Trader; and Cecil Khoza, CEO South African Diamond and Precious Metals Regulator.
In conclusion, Nilesh Chhabria, chief operating officer at Finestar commented: “When properly supported, beneficiation is not just about polishing diamonds, it is about unearthing/unleashing potential. Finestar’s decision to locate within the Jewellery Manufacturing Precinct at the Special Economic Zone is a deliberate growth strategy, leaning on the benefits of a world-class infrastructure, policy support, an enabling environment that fosters collaboration and innovation with our strategic partners and the right ecosystem for scaling operations and doubling current investment.
"Finestar looks forward to building on South Africa’s proud legacy of diamond excellence while focusing firmly on the opportunities of the present – creating value, empowering people, and shaping a brighter future for all stakeholders in the diamond ecosystem.”
For more information on Finestar Diamonds, visit www.finestardiamonds.com or follow us on our social media pages.
