Finestar Opens R300m Diamond Polishing Facility in South Africa to Boost SADC Beneficiation and Global Trade
Indian rough diamond cutting and polishing company Finestar has expanded its footprint in the Southern African Development Community (SADC) with the launch of a new state-of-the-art facility in the Gauteng Industrial Development Zone, near OR Tambo International Airport, on September 5.
The R300-million investment adds to Finestar’s network of cutting and polishing operations in the United Arab Emirates, Belgium, Hong Kong, Japan, the US, Namibia, Botswana, and India.
The South African facility currently employs 46 people, including 29 South Africans trained to cut and polish diamonds to international standards.
Finestar specialises in polishing diamonds ranging from 1 carat to more than 30 carats, across all colours and clarity grades, and serves over 80,000 customers worldwide, mainly through its online platforms.
At the opening, Mineral and Petroleum Resources Minister Gwede Mantashe described the facility as a proud milestone for South Africa’s mining sector, strengthening both national and regional beneficiation capacity.
He highlighted the facility’s advanced technology and precision equipment, noting:
“Beneficiation, value-addition, and skills development are central to building a resilient and sustainable mining sector.”
Mantashe acknowledged the global challenges facing the diamond industry, including competition from lab-grown diamonds, funding constraints, declining exploration, and production fluctuations.
He pointed out that lab-grown diamonds already account for 25% of the US market and that South Africa’s natural diamond sector now faces added pressure from a 30% import tariff imposed by the US in August.
Despite these challenges, Mantashe reaffirmed government’s commitment to fostering an enabling environment for investors like Finestar, with the goal of positioning South Africa and the broader SADC as a global hub for diamond trade and jewellery manufacturing.
He emphasized the cultural and social importance of natural diamonds:
“When people buy a natural diamond, they must know that they are supporting livelihoods, schools, clinics, and infrastructure in producing countries such as ours.”
However, he also cautioned that the future of the industry depends on increased exploration and pledged government support through sound policy, infrastructure development, and investment partnerships.
Finestar’s Commitment to Sustainability and Community Development
Finestar South Africa CEO Prince Mbetse said the company is dedicated to creating positive social impact through skills transfer, especially to women, and by launching community development initiatives.
Sustainability is also central to its operations. Finestar has introduced measures to reduce energy use and carbon emissions, including renewable energy adoption and rainwater harvesting, with the long-term goal of achieving carbon neutrality.
The company ensures transparency through traceability certificates and blockchain-based tracking for every diamond processed, guaranteeing ethical sourcing and conflict-free supply directly from mining companies.
At the launch, State Diamond Trader CEO Nosiphiwo Mzamo welcomed the investment, expressing confidence that the entity would supply Finestar with high-quality rough diamonds from South Africa’s mines.
