Stargems Buys Diamond Mines in South Africa

RAPAPORT... Dubai's Stargems Group has acquired two South African mines in an effort to expand its presence across the diamond supply chain.The diamond-sourcing and supply company recently purchased Jagersfontein Holdings, which runs a site dedicated to processing old tailings and was one of the first diamond mines in South Africa, Stargems chairman Shailesh Javeri told Rapaport News Sunday. It has also acquired Rooipoort Holdings, which owns the mining rights to an alluvial diamond project near Kimberley, in the Northern Cape province.Both sites were previously the property of Reinet Investments, a Luxembourg-based business run by luxury tycoon and Richemont chairman Johann Rupert."We have successfully concluded the purchase of these historical mining assets, and it reaffirms our faith in the natural diamond industry and our commitment to grow our footprint on the African continent," Javeri explained.Stargems will tender all goods from the mine locally in South Africa for now."Rooipoort and Jagersfontein...are a source of high-value and exceptional single stones and a very healthy run-of-mine production," Javeri added. "We hope to increase the production in the coming years and add value to the mine and the communities it represents."Correction, April 25, 2022: This article has been corrected to state that Stargems bought two subsidiaries of Reinet Investments, and not the entire company.Images: Rough diamonds (top); Shailesh Javeri (right). (Stargems)