In an industry historically defined by limited access and foreign dominance, Tshenolo Ntshekang is carving a new path. The founder of Banzi and Karolo Projects, a black-owned diamond beneficiation business, Ntshekang, represents a growing wave of South African entrepreneurs determined to transform the country's diamond narrative from mere extraction to one of ownership, value addition, and economic empowerment.
In this exclusive interview, he details his 12-year journey from trainee at De Beers to business owner, highlighting both the profound rewards and significant challenges of building a manufacturing enterprise in a subdued global market.
Ntshekang passionately articulates the critical importance of collaboration, the pivotal role of the South African State Diamond Trader (SDT), and the transformative potential of beneficiation to create jobs, develop skills, and ensure that the legacy of South Africa's diamonds benefits its people.
Below are excerpts from the interview.
How did you begin your journey in the diamond industry?
My name is Tshenolo Ntshekang. I began my journey in the diamond industry in 2012 at De Beers Sight-holder Sales South Africa, where I underwent training on diamond sorting and evaluation. This invaluable foundation and experience shaped my passion and understanding of the diamond value chain. In the year 2016, I ventured into business and in 2019, I joined Kukame Diamonds as an Operational Manager, a role that deepened my experience in the diamond trade, with a particular focus on beneficiation. In the year 2023, I started my own diamond beneficiation business called Banzi and Karolo Projects (PTY) Ltd, focusing on adding value to natural diamonds through polishing and diversifying into high-end jewellery.
What inspired you to enter the diamond sector, and what do you find most rewarding about working in this industry?
I was drawn by the transformative power of this natural resource - not just its beauty, but its economic potential, especially in the hands of Africans, whose countries are endowed with mineral resources. Despite all my years in the industry, I still find the process of transforming a rough stone into something of exceptional value, which has been hailed as a symbol of love for many generations. One could say I say both technical and artistic expressions that are the results of value addition. The most rewarding aspect of beneficiation is its contribution to SMME development, local skills development, and generally seeing young people involved in an industry that was historically closed to us.
How important is collaboration in the diamond industry?
Collaboration is an integral part of our industry. The diamond value chain is highly interdependent on all key players: producers, sorters, manufacturers, jewellery designers, marketers, and retailers. The expression "no man is an island" is particularly true for natural diamonds, and the bonds that are created by diamonds need to be encouraged in how we conduct our business. Stakeholders can't thrive in isolation. Through collaboration, especially among emerging beneficiaries, we can share resources, build collective bargaining power, and unlock access to global markets. Strategic partnerships with luxury brands are key to innovation and sustainability in this sector.
What role do you see for small and emerging beneficiators in the broader diamond industry?
Small and emerging diamond beneficiators are essential to the growth and diversification of the industry. They bring innovation, create employment, and foster inclusivity. Their presence and footprint globally ensure that the benefits of the diamond value chain are not concentrated in a few hands and that they reach broader segments of society. Emerging beneficiators also represent the future of a truly African diamond story - one rooted in beneficiation and ownership.
What role has the State Diamond Trader played in your diamond entrepreneurship journey?
The SDT has always played a pivotal role of providing access to rough diamonds at competitive prices, which remains one of the biggest barriers to entry for emerging businesses. The SDT has also taken the role of a leader and mentor, often using an interventionist approach to facilitate access to markets with our joint participation in international trade shows and recently promoting the provenance and power of South African diamonds through their inaugural “South African Diamond Show” which was held on the side-lines of the Mining Indaba. This meant that we could engage with captains of industry as well as the broad network of stakeholders from the entire value chain.
What are the challenges faced by your business, given the prolonged subdued state of the market?
The subdued market has made it difficult to continue trading profitably. Access to working capital is tight, and operational costs remain high. Global uncertainty has reduced demand for polished diamonds, especially in the luxury segment. For small businesses, this means delays in growth plans and a constant need to adapt to market shifts.
Despite the tough market conditions, what keeps you motivated and passionate about the diamond industry?
Purpose and serial entrepreneurship instincts. I believe in the transformative role of diamond beneficiation for South Africa and the continent. I see diamonds as a bridge between tradition and modern economic empowerment. Also, building something that my daughters can one day be proud of - knowing it was built with integrity, passion, and resilience - gives me daily motivation. I am also motivated by our industry's resilience in the face of adversity. It is such a difficult market experience that will shape us into responsible and innovative businesses in the future.
In your opinion, what types of support are most critical for small and emerging beneficiators to succeed?
Access to finance, a consistent supply of rough diamonds, mentorship, and exposure to international markets are all critical. There's also a need for infrastructural support - like shared polishing hubs and technology centres - as well as policy directives and regulatory frameworks that support, protect and prioritise local beneficiation ideals.
What advice would you offer to aspiring entrepreneurs who want to enter the diamond beneficiation sector?
Start with a deep respect for the industry - this is a sector that requires patience, discipline, and constant learning. Build your technical knowledge, find a mentor, and be ready to adapt. It's not an easy path, but if you are passionate and committed, the rewards - both personal and economic - can be substantial.
In your view, how important is diamond beneficiation to South Africa's diamond sector and the economy?
Diamond beneficiation, or beneficiation in general, is a beacon of hope and a key economic driver if implemented properly. It allows the country to retain more value from its natural resources, promotes job creation, and helps build specialised skills. Instead of exporting raw materials, we can position South Africa as a centre for luxury, craftsmanship, and innovation. It's also a way to ensure the diamond legacy contributes meaningfully to the national economy.
What does a natural diamond mean to you?
To me, a natural diamond is more than a gemstone - it's a story of time, pressure, and transformation. It represents potential, value, and legacy. In its journey from the earth to polished brilliance, I see parallels to our journey as Africans in reclaiming our place in the global luxury and resource-based economy. It's a symbol of love, a creator of lasting bonds and the most beautiful of all the natural resources.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
