Speaking notes by the Honourable Minister of Mineral and Petroleum Resources, Mr Gwede Mantashe (MP)
05 September 2025
Programme Director,
Indian High Commissioner, Shri Prabhat Kumar
Our hosts, the executives of Finestar
Executives of the Gauteng Industrial Development Zone
Chairpersons and CEOs of State Owned-Entities
Captains of the Industry
Distinguished Guests
Allow me to start by expressing our gratitude to the board and executives of Finestar for your confidence in South Africa and for your decision to invest here.
The opening of the factory is not only a celebration for Finestar and its partners, but it is also a proud moment for South Africa and the Southern African Development Community (SADC) as a whole.
This investment resonates strongly with our development goals and demonstrates your belief in the value of our minerals, in our people, and in our economy.
As we toured this world-class facility, I was struck not only by its scale and sophistication, but also by the clear statement it makes; that beneficiation, value-addition, and skills development are central to building a resilient and sustainable mining sector.
By choosing to invest here, you are affirming that South Africa is not just a source of rough diamonds, but a home where those diamonds can be transformed into finished products of the highest standard and excellence.
We cannot shy away from the reality that the diamond industry globally is faced with difficulties. We are faced with heightened competition from lab-grown diamonds, financing constraints, declining exploration, and fluctuations in production. These challenges affect us all, and they test our resilience as producers, as manufacturers, and as policy makers.
Yet, despite these hurdles, diamonds continue to be a cornerstone of our national economy. They are symbols of love, eternity, and aspiration. More importantly, they are drivers of economic activity, job creation, and community development.
That is why investment in beneficiation is so important. By cutting, polishing, and designing here at home, we ensure that the true value of our natural diamonds is retained in our economy. In doing so, we create jobs for our people, open opportunities for young graduates, and develop artisans with skills that are globally competitive.
Our economic vision as government is both clear and developmental in focus. We seek to build inclusive growth by rebuilding productive sectors of the economy and by promoting investments that strengthen local manufacturing. Local mineral beneficiation has been identified as one of our priority growth areas precisely because it allows us to move up the value chain, diversify the economy, and create decent and sustainable employment.
We are, therefore, committed to creating an enabling environment for investors such as Finestar. This is about building an ecosystem where private capital, government policy, and community needs converge for mutual benefit. It is also about positioning South Africa and the SADC region as a global hub for diamond trade and jewellery manufacturing.
One of the pillars of this effort is the promotion of natural diamonds. Just last month, we gathered here in Gauteng with industry stakeholders to discuss the contribution framework for a collective marketing campaign. Out of those discussions emerged a shared commitment to promote natural diamonds against the rising tide of synthetics.
This unified approach is vital. We must tell our story loudly and proudly: that natural diamonds are rare, finite, and carry with them the heritage of communities and the promise of development. When people buy a natural diamond, they must know that they are supporting livelihoods, schools, clinics, and infrastructure in producing countries such as ours.
Our work does not stop at national borders. Following our consultations with the industry, we engaged with our counterparts in Botswana on regional collaboration. These discussions reinforced the importance of presenting a united front on beneficiation, infrastructure development, and trade.
As two of the largest producers of natural diamonds, South Africa and Botswana share a responsibility to lead by example. By working together, we can strengthen the African Diamond Producers Association (ADPA), ensure that more value is captured on the continent, and advance the developmental agenda of SADC.
s we celebrate today’s milestone, let us also confront the question of sustainability. The simple truth is that without exploration, there will be no future diamonds to cut and polish. We, therefore, call upon the investment community to prioritise exploration, for it is through exploration that the industry renews itself and secures its longevity.
Our commitment is to ensure that exploration is supported by sound policy, by infrastructure development, and by partnerships that inspire confidence.
Distinguished guests, the opening of this factory is more than an investment in infrastructure. It is an investment in people, in skills, in innovation, and in the long-term prosperity of South Africa and the continent.
Let us work together - government, industry, labour, and communities - to ensure that the story of diamonds is not just one of beauty, but one of transformation and shared growth.
As De Beers once said, “A diamond is forever.” But I would add: the impact of a diamond on a community, when properly harnessed, lasts even longer.
I thank you.