Namibian Diamond Commissioner Says Laurelton-Reign Diamonds to Reopen
October 27, 15
(IDEX Online News) – Namibian Diamond Commissioner Kennedy Hamutenya has said that Laurelton-Reign Diamonds, which closed in August, will reopen in the near future, reported The Namibian.
The company was a joint venture between Tiffany & Co's Laurelton Diamonds and Namibia's Reign Investments.
Speaking at the Ministry of Mine’s media day, Hamutenya said that Laurelton Diamonds pulled out of the joint venture because the Namibian goods did not fit its specifications.
“To them it is no use buying our diamonds and then having to try and sell them off to another company,” the paper reported Hamutenya as saying. “Our diamonds are not the same specific diamonds they need for their jewelry and so it is unfortunate that it happened.”
At the time of the closure, Tiffany spokesperson Nathan Strauss explained that 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.
Hamutenya said that Reign Investments is currently looking for investors.
Some 157 workers lost their jobs when the Windhoek factory closed its doors.