Media reports from Namibia state that the cutting and polishing plant set up by Laurelton Reign Diamonds in Windhoek has closed. The plant had about 160 employees, it is reported.

Laurelton Diamonds is an entity set up by Tiffany & Co for ensuring a steady supply off diamonds. In Namibia it had set up a joint venture with a local partner Namibian Reign Investments, and received a supply of rough under the government’s beneficiation plans.

According to the media reports, a spokesperson of Tiffany also confirmed this development, saying that the decision had been taken after “careful consideration”. The spokesperson is reported to have said that the demand for Tiffany diamonds remains healthy, but the company has sufficient supply from its other operations in centres like Botswana, where “manufacturing costs are lower”. The closure will aid consolidation of operations to ensure the viablity of other locations, he is reported to have explained.