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Tiffany opens diamond polishing factory in Botswana

(Xinhua)

10:26, November 30, 2011

GABORONE, Nov. 29 (Xinhua) -- The American jewelry and silverware company Tiffany & Co opened on Tuesday a 3,000-square- meter diamond polishing factory in Gaborone, expanding its ability to source and polish diamonds in diamond-rich Botswana.

At the opening of the factory of Tiffany's subsidiary Laurelton Diamonds Botswana (LDB), Botswana President Ian Khama said the occasion "marks an important milestone toward achieving our government's vision of transforming Botswana into a fully integrated World Diamond Center."

"We rely on our diamonds for development for the upliftment of our citizens, but have not yet maximized our true potential from the industry. It is important to diversify the diamond industry from just producing rough diamonds to selling the finished products as our development and recurrent budget is mainly derived from diamond revenue," said Khama.

LDB launched their diamond sourcing and polishing business in Gaborone in 2007. Khama said, "It is a far cry from the temporary office to this 3,000-square-meter factory, with its cutting-edge technology and equipment."

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