South African Jeweler Tries Its Hand at Mining

RAPAPORT... South African luxury jeweler Shimansky is currently exploring the country in the hopes of launching its own diamond mine.The company, which has locations in Cape Town and New York City, is hoping to strengthen the traceability of the diamonds used in its jewelry amid increasing consumer concern about responsible sourcing, CEO Yair Shimansky told Rapaport News Tuesday. It also aims to assure its diamond supply, as the current high level of demand and decreased production have led to a market shortage."We are looking into mining as we cut and polish the diamonds for our jewelry under the Shimansky brand," explained Shimansky. "With diamond origin and authenticity, mining our own diamonds is a natural progression in our supply chain. We are prospecting a few locations and opportunities in the space."In addition to its retail stores, Shimansky also owns a diamond-manufacturing business in Johannesburg, South Africa.Image: A Shimansky store in South Africa. (Shimansky)