Tiffany Namibian Polishing Plant Shuts Doors

(IDEX Online News) – Laurelton Diamonds, a subsidiary of Tiffany & Co., has closed the doors of its polishing factory in Windhoek, Namibia, with the loss of up to 160 jobs.

The factory was a joint venture with Namibian Reign Investments.

The joint venture was started in 2007 with the purpose of securing rough diamond supplies for Tiffany &Co.

"After careful consideration, Laurelton Diamonds has closed its polishing facility in Laurelton Reign Diamonds,” said Tiffany spokesperson Nathan Strauss, as reported by allafrica.com.

“While demand for Tiffany diamonds remains healthy, Laurelton Diamonds is able to access enough rough supply from other locations where manufacturing costs are lower. Ultimately, we are consolidating operations to ensure the viability of our other locations, including Botswana," he said.