Adding value to South Africa’s finite diamond resources

The diamond industry in South Africa is at a crucial crossroads, facing challenges posed by the scarcity of natural diamonds and the rise of synthetic alternatives. In a recent interview with CNBC Africa, Richard Steenkamp, Senior Sales and General Manager at De Beers Sightholder South Africa, shed light on the current state of diamond beneficiation in the country and discussed the need for a paradigm shift in approach. Steenkamp highlighted the importance of reimagining beneficiation beyond traditional processing methods and embracing a holistic value chain approach to maximize the benefits of diamond resources. He emphasized the essential role of collaboration among various stakeholders, including government, private sector, and civil society, in driving sustainable growth in the industry. Steenkamp also addressed the growing competition from synthetic diamonds and underscored the unique value proposition of natural diamonds in terms of emotional significance, rarity, and socioeconomic impact. Moreover, he outlined a vision for the future of diamond beneficiation in South Africa, emphasizing the need to diversify into jewelry design, manufacturing, and related services to capture a broader spectrum of value-added activities. By leveraging the country's rich history, infrastructure, and creative talent, Steenkamp believes that South Africa can reclaim its position as a leading player in the global diamond market. The interview concluded with a call to action for regulatory reforms and fostering an enabling environment to support the growth of the diamond industry through comprehensive beneficiation strategies.