Finestar Expands South African Diamond Operations with Major Investment

Gems and Jewelry Companies: A Landmark Investment in Johannesburg

Finestar Diamonds has reinforced its presence in Southern Africa by opening a new R300 million diamond manufacturing facility at the Jewellery Manufacturing Precinct in the OR Tambo Special Economic Zone, Johannesburg. The event was marked by the attendance of top government representatives, industry figures, and dignitaries from South Africa, India, De Beers, and the State Diamond Trader, underscoring the significance of the expansion.

Finestar Diamonds makes a bold move with a R300 million investment to grow diamond manufacturing and create new opportunities in South Africa.
Image Credit: Finestar

Driving Beneficiation and Skills Development

The facility is a major step in advancing South Africa’s beneficiation goals, which focus on strengthening local diamond processing and creating employment opportunities. Since its entry into the South African market in 2022, Finestar has already created 46 jobs, with more than half held by women. The company now aims to grow its workforce to 90. This Gems and Jewelry Companies news report also highlights Finestar’s commitment to training, with 22 employees currently undergoing specialized instruction in diamond polishing and planning.

The Role of the Special Economic Zone

Government officials praised the Special Economic Zone for providing a supportive ecosystem that includes VAT exemptions, streamlined infrastructure, and other incentives that help ease operational costs for manufacturers. They stressed that initiatives like this can accelerate industrialization, boost diversification, and enhance inclusive economic growth in the region.

Finestar’s Global Growth Strategy

Finestar executives emphasized that the new South African facility is more than just an expansion of production. It is part of a deliberate global growth strategy that leverages the supportive SEZ environment to expand investments, drive sustainability, and empower communities. With manufacturing already established in India, Botswana, and Namibia, the company’s latest move strengthens its global footprint. As a De Beers Sightholder and Rio Tinto Select Diamantaire, Finestar continues to position itself as a leader in traceability, ethical sourcing, and responsible jewelry practices.

Looking Ahead

This development carries strong implications not only for the South African diamond sector but also for the broader global jewelry industry. Finestar’s approach to blending investment, skills development, and sustainability demonstrates how international companies can create lasting value within local communities while advancing industrial growth. For South Africa, it signals fresh opportunities for beneficiation, economic resilience, and international competitiveness.

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