JOHANNESBURG (miningweekly.com) – While government is aiming to re-establish the local diamond beneficiation industry by 2026, Mineral Resources Deputy Minister Godfrey Oliphant believes this can be achieved much earlier.

The cutting and polishing industry suffered a major blow last year, when the last, biggest diamond cutting and polishing company in South Africa – Zlotowski Diamond Cutting Works, a subsidiary of Chow Tai Fook of Hong Kong – closed.

The subsidiary of one of the world’s largest listed jewellery companies sustained some 170 South African jobs.

Speaking at the South Africa Diamond Indaba, in Midrand, on Monday, Oliphant conceded that there were still a number of factors that kept the country from achieving its beneficiation goals, including a lack of access to raw materials and infrastructure, limited exposure to research and development, inadequate skills and limited access to international markets.

However, he stated that “difficulties in the diamond beneficiation industry are not insurmountable,” and added that mining and beneficiation would form part of the country’s economy for at least another 100 years.

The Deputy Minister also lauded companies such as De Beers for developing their own beneficiation initiatives.

Earlier this year, the diamond mining giant, along with government and other industry stakeholders unveiled a three-year enterprise development project for diamond beneficiators.

The project aimed to facilitate the growth and transformation of the local diamond sector.

Godfrey urged companies attending the indaba to “continue to work together with government to advance our country”.

“We are looking to [establish] South Africa as the heart of diamond beneficiation,” he said, adding that the development of the downstream sector of the diamond value chain, would realise immense economic potential.

“It will stimulate business development, creating the need for transformation in industry, while offering real opportunity for inclusive and active participation for black people, women and youth in the downstream industry,” he said.