JOHANNESBURG (miningweekly.com) – De Beers Group on Thursday night celebrated the successful conclusion of the first phase of its Enterprise Development Project for Diamond Beneficiators.

Five black South African-owned diamond and cutting companies graduated following a three-year entrepreneurial development programme.

Facilitated by De Beers Sightholder Sales South Africa (DBSSSA) in partnership with business incubation experts Raizcorp, the programme included formal, curriculum-based learning in parallel with mentorship in business strategy, finance, sales, marketing and personal development.

All participating owners have subsequently demonstrated significant growth in the knowledge and skills required to run successful businesses, De Beers said.

Launched in 2016, the Enterprise Development Project for Diamond Beneficiators, aims to expedite the growth and transformation of the diamond cutting and polishing industry in South Africa, through meaningful interventions in all aspects of the diamond pipeline from rough diamond buying and state-of-the-art manufacturing to marketing and distribution.

Through the programme, each participating company received an allocation of rough diamonds from De Beers, in line with their market requirements and capacity.

Additionally, the project facilitated local and international market access for the five companies and sponsored their participation at international trade shows, including the Hong Kong Jewellery and Gem Fair and JCK Las Vegas.

The companies have seen significant turnover growth and 34 new jobs have been created since the participants incorporated the business acumen and entrepreneurship skills acquired from the De Beers-sponsored Raizcorp programme.

The project also proved ground-breaking in its support for women in the diamond cutting and polishing industry, with two of the five participating companies being 100% women-owned and another one being 50% women-owned.

“Diamond cutting and polishing is a science, an art, a passion – the turning of an ancient resource into something truly brilliant. We believe this project gives South Africans the opportunity to play their full part in unlocking the beauty and everlasting value from their most precious resource,” DBSSSA senior VP Peter Phemelo Moeti commented.

He added that he was very proud of the project members and their passion for the industry, and lauded De Beers project manager Frank Auger for his input and dedication to the programme.

One of the project graduates is owner of Thoko’s Diamonds, Thoko Zwane, who completed the programme with her co-owner and son, Zimpo Dlamini. She had worked in the diamond polishing sector for more than a decade before deciding to establish her own company.

“Having completed the programme, I am a better person and businesswoman. My team and I are more efficient and effective in the way we manage ourselves and handle the business. I would like to thank De Beers and Raizcorp for giving me this opportunity.”

The other graduates are Diamonds Africa owner Munirah Desai, Kwame Diamonds owners Musibudi Jo Mathole and Khomotso Ramodipa, Nungu Diamonds owner Kealeboga Pule and Molefi Letsiki Diamonds Holdings owner Molefi Letsiki.

Raizcorp CEO Allon Raiz added that the programme represents an “authentic” first step in transforming the industry.

“The results of the programme have been excellent. I believe this is largely owing to the careful selection of the five participating companies, as well as the design of the programme and the continuous input to the programme design from De Beers.”

De Beers is reviewing the project with the aim of securing strategic partners to ensure the project takes its rightful place as an industry-wide project in South Africa.