Ahead of DTC's Move, Suashish Closes Botswana Jewelry Plant Due to Costs

(IDEX Online News) – Sources in Mumbai today (Monday) confirmed to IDEX Online that Suashish Diamonds has shut down its diamond jewelry manufacturing plant in Botswana. The source cited unviable raw material costs as the reason.

The shutdown is reportedly temporary, however, no timetable or specific plans to review the situation and consider the future of the plant.

The closure of the jewelry manufacturing plant comes just eight months after it was opened and impacts Botswana’s downstream diamond beneficiation plans.

It also comes a year before the DTC itself moves its entire operations to Botswana.

Bombay Stock Exchange listed Suashish was the first company to receive a Sight from DTC Botswana in 2007 and set up a diamond cutting and polishing plant in Botswana. The plant currently remains operational.