Suashish to start diamond institute in Botswana

Suashish Diamonds (SDL), the $200-million diamond processing and exports group, is all set to kick start a diamond training institute in Botswana early next month.

In addition, SDL is planning to set up a diamond processing unit; the unit aims to be the largest value-wise supplier of diamond in the world, for which it has already obtained the licence from the Botswana government.

"The diamond processing units are still on paper, but we are working hard to turn it into reality," said Siddharth Kedia, general manager-marketing. He refused to divulge the amount being invested on both projects.

In West Asia, mainly Dubai and Saudi Arabia, SDL plans to open 30 retail outlets in the next three months in collaboration with local partners.

In India, SDL sells its jewellery under the brand name Ishi's, which it retails via 100 outlets being run in a joint venture with local retail bigwigs.

"Dubai being the most potential region in West Asia and Saudi Arabia coming next, the group chairman is presently exploring various possibilities there. Negotiations are on with local partners and a final decision would be taken in a month," Kedia added.

SDL has announced a capex of $1 million in the next five years, for setting up a gold jewellery unit in its existing premise at Borivli.

According to Kedia, Botswana was selected for the site of a diamond training institute as it was the safest place in Africa where problems of terrorism was much lesser than in some of the developed countries in the world.

In addition, DTC, the largest supplier of diamonds in the world today, explores and exploits a major chunk of its diamonds in Botswana.

The government of Botswana has set up a joint venture by the name Debswana, with De Beers, in which Debswana would provide skilled manpower and DTC would provide the technology and other required skills.

SDL stands to benefit in a big way as the unit is set up in Botswana, where Suashish is a DTC site-holder and one of the select suppliers for the two world diamond leaders.