LKI Signs BEE Deal with All Women Investment Firm

Lazare Kaplan International (LKI) and the fully women-owned Nozala Investments of South Africa signed a joint venture agreement for the cutting, polishing and distribution of diamonds.

Nozala is an organization that focuses on the economic advancement of black women in South Africa. With over 500,000 shareholders, it lists “be the premier empowerment company led by women” as its vision and “Economic advancement for women through constructive business partnerships with leading business entities, labor unions and leaders in commerce and industry,” as its main mission.

Nozala has invested in energy company Exel/Sasol, education supplier Educor, medical clinics Curamed, phone operator Nexus Connexion, Precrete/GFC Construction and Kumba Resources.

It is now targeting mining and minerals as a strategic priority.

On the interest in the diamond industry says Deputy Chairman and Chief Executive of Nozala, Salukazi Dakile-Hlongwane, “Women are the disproportionate recipients of diamond jewelry, but they do not have real stakes in the diamond industry.

"We want to begin redressing that imbalance and also add value in South Africa and to South African gemstones, too many of which find their way to foreign cutting centers.”

U.S. listed LKI is slowly increasing its presence in Africa. Earlier this month it opened in partnership with the Angolan diamond firm Sodiam a rough diamond selling office in Antwerp, and signed a strategic cooperation agreement with the Namibian cutting and polishing plant NamGem Diamond Manufacturing in January.

LKI president Leon Tempelsman hinted at a continued interest in Africa, saying “In Nozala, we are confident we have found an ideal partner to join us in our area of expertise and in exploring additional possibilities upstream as the structure of the local mining industry continues to evolve”.