De Beers has appointed its first majority black-owned sightholder.
Molefi Letsiki Diamonds was founded in Johannesburg, South Africa, in 2005, as a custom-made jewelry manufacturing business.
It will join the list of around 60 businesses authorized to attend 10 sights a year in Gaborone, Botswana, from 1 January 2023, to buy bulk parcels of rough diamonds.
Mr Letsiki graduated from the De Beers Enterprise Development Project for Diamond Beneficiators, designed specifically to help “‘historically disadvantaged South Africans” develop sustainable business and qualify for sightholder status.
He is a second-generation diamantaire, whose father worked as a diamond master cutter for over three decades.
Molefi Letsiki Diamond Holdings was among five companies in the first cohort – the others were Thoko’s Diamonds, , Nungu Diamonds, Kwame Diamonds and Diamonds Africa.
De Beers Group operations managing director Moses Madondo, said: “On behalf of De Beers, I wish to congratulate Molefi on this momentous achievement. It was our ultimate goal when we launched the Enterprise Development Project to have the project members become our sightholders.
“To witness this happen is truly incredible, and it speaks of the hard work that we have been doing, in partnership with the government to empower emerging cutting and polishing companies.”
Mr Letsiki is co-founder and President of the South African Young Diamond Beneficiators Guild and executive committee member of the South African Diamond Dealers Club, which is a member of the World Federation of Diamond Bourses.
Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.
