January 20, 2005
Tiffany and Rand to Support SA Cutting Industry
In another effort to meet the South African government's demand that more diamonds be cut and polished locally, Tiffany & Co., the Cohen family, and Paseka Ncholo formed a joint venture to invest in and market the production of Rand Precision Cut Diamonds Ltd., a South African company, reports Tacy News Service. Rand is a Diamond Trading Co. sightholder with diamond polishing facilities in Johannesburg and it is also a long-time provider to Tiffany & Co.
The participation of Tiffany is expected to enable Rand to further increase its business in South Africa, secure significant allocations of DTC rough, and expand its operations in Johannesburg. The Rand factory currently employs artisans possessing high skill levels in diamond polishing, says the company.
In pursuing its growth targets, Rand says it will place a particular emphasis on increasing local beneficiation through high-quality production, ethical sourcing, desirable labor conditions and high skill-level training. In addition, Rand says it will further increase polishing and skills in South Africa through an agreement to polish rough diamonds sourced outside of the country by Laurelton Diamonds, Tiffany's wholly owned rough acquisition and polishing subsidiary.
The joint venture will be managed by its newly elected president Sean Cohen, who has had a long association with Rand. Tiffany has agreed to buy all polished production that meets its specific quality standards from the joint venture. Codiam Inc. has agreed to buy and market the balance of polished production from the joint venture.