Wednesday, February 24, 2021

Mogae enters the diamond business

Former President Festus Mogae on Monday joined a few Batswana who have entered the country’s infant but lucrative diamond cutting and polishing business when he was announced as the new member of the board of directors of Shrenuj, an international gem and jewellery congloromate that has its footprints in 15 countries.
Mogae has been taken on board to serve the international company as “an independent director,” according to information coming from India, which was expected to have by Wednesday been distributed to the media in the 15 countries that Shrenuj operates in.
Shrenuj has hailed Mogae as “a noted political and economic thinker,” even recognizing the demand for his services in the world stage, especially within the United Nations headquarters in New York, America.
Shrenuj entered the Botswana market in 2008, seizing an opportunity created by the sweeping away of one of the 16 sight-holders – DDA of Botswana- by the economic downturn that gripped the world markets in 2008. The 16 were the first to be licensed to operate diamond polishing and cutting business in Botswana following the agreement between Botswana and De Beers to have Diamond Trading Company relocated from London to Gaborone.
After buying out DDA of Botswana, Shrenuj did not move the factory but left it at block three and retained its General Manager, who went on to recall almost all former employees of DDA of Botswana who had by then bee retreanched. Shrenuj Botswana has, among its management, locals.
Within that short period of time in the Botswana market, Shrenuj has already went on to be the first among the sight-holders to set up a jewellery manufacturing plant, which is situated at the prestigious diamond park in Gaborone.
Shrenuj has its headquarters in India where its roots are but, has established itself as an international player of repute in the diamond industry, boasting a workforce of 2,500 working in its wide range of activities that include processing, jewellery manufacturing to branding and retailing. All this takes place in the 15 countries that the company has operations in. These countries include Botswana, South Africa, America, France, China (Hong Kong) and Israel.
The company raves as “state of the art,” its diamond manufacturing facilities in India, Botswana and South Africa, which specialize in processing high quality diamonds. In Botswana, it also has a jewellery manufacturing operation, which adds to the other that is located in India. Its jewellery retailing operations are in China’s fashion capital, Hong Kong.
The Chairman and Managing Director of Shrenuj Group, Shreyas Doshi has said of Mogae’s joining their board of directors: “Mr. Mogae brings a great wealth of knowledge in areas including finance, economics, corporate governance, and leadership.”
Doshi further recognized Mogae as “an exceptional role model in leadership and has in-depth understanding of diamond-economics” and that they expect him to add “exceptional value to our eminent board where we already have members.”
Speaking of their company’s potential forays, Doshi noted that they have “very aggressive growth targets and given the current economic scenario and the advice of Mr. Mogae will be immensely valuable in sustaining growth as well as profit margins.” The Shrenuj Group expects its significant part of its growth to come from diamond producing countries, which include Botswana, a country that is still the world’s largest diamonds producer by value.

RELATED STORIES

Read this week's paper