|
|
S. Africa Diamond Firm, Tiffany Enter Partnership
Nov 14, 2005 4:32 AM
By Jeanette Goldman
|
|
|
(Rapaport...November 14, 2005) South Africa diamond cutting and polishing firm, Rand Precision Diamonds (RPD,) and Tiffany & Co., have opened a joint cutting and polishing center in Johannesburg City Center, according to a press release on November 9. The new cutting and polishing center aims to further enhance black economic-empowerment and beneficiation.
Officials attending the launch of the partnership included South Africa’s deputy president, Phumzile Mlambo-Ngcuka, deputy minister of minerals and energy, Lulu Xingwana, and director general, Sandile Nogxina. At the launch, they observed the new facilities which aim to ensure sufficient investment in black expertise and women, who are the main consumers of jewelry.
Speaking at the launch, Mlambo-Ngcuka said that the new partnership realizes the country’s ambition to become a significant international diamond cutting and jewelry manufacturing center as well as a mineral beneficiation hub. The agreement realizes South Africa’s goal of transforming its market while remaining a responsible global player, he said.
“Being part of the Tiffany & Co family ensures that we continue to polish the best diamonds in the world. This is a model we like, it is viable and it is a model that works for us,” said RPD director and shareholder Sean Cohen.
“We believe we can make a substantial impact in this region with this partnership,” said Tiffany CFO Jim Fernandez. “We have the highest ethical and quality standards in the world. We are here to see people employed and making a living. There is a certain excitement about our product and we see it in the people of this country as well,” he said.
RPD is comprised of three generations of one family. The company has been a DTC sightholder since its establishment in 1947. Rand runs its own training program. RPD management consists of people promoted from within the company.
The Tiffany Group and Rand Diamonds have been working together since 2001. Tiffany is shareholder in Rand. Tiffany & Co., is headquartered in New York and has more than 7,000 employees around the world. The Group turnover was almost $2.3 billion in 2004.
|
|
|
|
|
|
|
|
|
|
Tags:
Consumers, DTC, Jewelry, Manufacturing, Polishing, South Africa, Tiffany
|
|
|
|
|
|
|
|
|
|
|