Suashish Diamond, India’s first and only DTC Sightholder in Botswana

Company Brief

Mumbai, December 20, 2007

Suashish Diamonds Ltd. (SDL), a Diamond Trading Company (DTC) Sightholder™, one of India’s leading diamond and diamond jewellery manufacturing and exporting groups, today announced that Suashish Diamonds (Botswana) (Pty) Ltd., their wholly owned subsidiary in Botswana, being listed as a DTC Botswana Sightholder.

The wholly owned subsidiary of Suashish Diamonds Ltd. in Botswana becomes India’s first and only company to receive Sightholder status in Botswana. The sightholder contract extends for a three-year period, from 2008-2011. Suashish Diamonds has already invested close to US$ 2 million to set-up a 10,000 sq.ft. state-of-the-art diamond cutting and polishing facility in Botswana which started production last month.

Ashish Goenka, Managing Director, Suashish Diamonds Ltd. said, “We, at Suashish Diamonds, are proud to be the first and only Indian company to be a DTC Botswana sightholder. Suashish Diamonds has embarked on an aggressive expansion plan and our Botswana cutting and polishing facility, has become operational in October this year. Becoming a DTC Botswana sightholder will also ensure that we get regular assured supply of rough diamonds at competitive rates.”

Mr. Goenka further added, “Starting a factory in Botswana is a forward looking step as Botswana is the world’s leading diamond producer by value alone and aligns with the desire of the government of Botswana for greater local beneficiation from the diamond industry.”

Till date, 34.3 mn carats out of the 51mn carats of rough diamonds mined by the De Beers Group in 2006 were mined in Botswana. DTC Botswana, a fifty-fifty joint venture between Botswana and the De Beers Group, was created in May 2006 in an effort to diversify the country's economy.

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