Having to pull down its shutters in August, Laurelton-Reign Diamonds would be reopened, reports say. Laurelton-Reign Diamonds is a joint venture between Laurelton Diamonds and Namibian Reign Investments, to bring rough diamond supply to Tiffany Co, the parent company of Laurelton Diamonds. Namibia’s diamond commissioner Kennedy Hamutenya noted that the diamond polishing unit would be reopened soon, as per reports in a leading media.

The plant was set up by the company with an investment of around N$25 million and after Laurelton Diamonds withdrew from the joint venture, the company had to close down. This resulted in 157 workers losing their jobs, as per reports. Laurelton had pulled out of the JV as it felt the Namibian diamonds were not suited to their requirement and there was already ample supply. Hamutenya noted that for Laurelton, it was of no use to buy the Namibian diamonds to later try to sell to another company as the diamonds were not of the same specifications required by them for their jewellery, and so the break-up of the joint venture, as per reports. Although, the factory and other things were retained and the other half of the company – Reign Investments would continue the company and is seeking investors, as per reports. It was reported that Laurelton pulled out as it had more viable options in Botswana, reports add.