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Laurelton-Reign Factory To Re-Open After Tiffany Exit

Oct 28, 2015 7:35 AM   By Rapaport News
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RAPAPORT... A Namibian diamond cutting and polishing company that provided diamonds for Tiffany & Co. is to re-open after shutting down earlier this year, but without Tiffany’s involvement, daily The Namibian reported, citing the country’s diamond commissioner Kennedy Hamutenya.

Laurelton-Reign Diamonds, which operated as a joint venture between Tiffany subsidiary Laurelton Diamonds and Namibia’s Reign Investment, closed in August after the U.S. retailer pulled out because of the supply of stones was not enough and not the right type, the newspaper quoted Hamutenya as saying.

Reign is in the process of acquiring the company’s factory in Windhoek and is looking for new investors to enable it to operate again in the near future, Hamutenya was quoted as saying.

“Our diamonds are not the same specific diamonds [Tiffany] need for their jewelry and so it is unfortunate that it happened,” The Namibian quoted Hamutenya as saying. “However, the factory and other things were retained and so the other half of the company [Reign Investments] will continue with the company, but they are first looking for investors,” he added.

Laurelton withdrew because it had more viable options in Botswana, according to The Namibian.

The closure of the factory in Windhoek resulted in 157 layoffs, the report continued. Laurelton Reign was sued by three former managers who claimed they had been “disrespected and exploited” during the closure process. Some workers have not received retrenchment packages yet, the newspaper said.
Tags: Laurelton Diamonds, Namibia, Rapaport News, Reign Investment, Tiffany & Co
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