South Africa’s State Diamond Trader (SDT) is planning to establish a beneficiation fund aimed at supporting diamond manufacturing in the country.
Company chief executive Nosiphiwo Mzamo told Rough & Polished that they are hoping to get funds from the government to finance the fund.
“The President has announced a R20 billion transformation fund and SDT is looking at these funds to create a beneficiation fund that will support the Cutting and polishing industry of South Africa,” she said.
South African President Cyril Ramaphosa said last week that the new transformation fund will see R20 billion allocated annually over the next five years to support black-owned and small businesses.
He said the fund, totalling R100 billion, seeks to correct historical injustices that excluded the majority of South Africans from meaningful economic participation.
Mzamo recently said that the South African government had also proposed the establishment of a R100 million ($5,4 million) fund aimed at supporting local diamond cutters and polishers.
This initiative, she said, seeks to bolster the domestic diamond processing industry by providing financial assistance and resources to enhance competitiveness.
Diamond cutting and polishing in South Africa had been on a decline.
The country used to have more than 60 factories and had 13 in 2024.
SDT is targeting to have at least 20 factories by 2027.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
