As we bid farewell to Women’s Month, we will end the month on a positive note by celebrating the first women to run a diamond company, Khomotso Ramodipa and her sister Mosibudi Jo. Khomotso took us through her challenging journey of starting a diamond polishing business.
After completing her matric, she studied optometry at the University of the North (now the University of Limpopo). In 1996, she started practicing as an optometrist. Soon after, she began exploring business opportunities.
Years later, Khomotso teamed up with her sister, Mosibudi Jo, to embark on business. It was in 2008 when the pair opened what will become the first all-women-owned diamond company. This will be their entry into this male-dominated diamond industry.
To equip themselves to run a diamond business, the sisters went for diamond processing courses. That included completing courses in rough diamond and polish diamond evaluation. Upon qualifying as diamond valuators, they were ready to run a cutting and polishing company, Kwame Diamonds.
Kwame is the first black-owner diamond polishing company in South Africa, a fact the sisters were oblivious to when they ventured into the diamond space.
Running a business was almost second nature as the sisters come from a family of entrepreneurs. Their father, who was an accountant, also owned a construction company. On the other hand, their mother sold linen. “So we grew up in an environment that was nurturing to be an entrepreneur,” she explained.
Kwame was not the sister’s first business. Before the two sisters found their footing in the diamond industry, they tried several businesses that didn’t take off.
“Most of the people that buy diamonds are international companies. So when these companies come to South Africa, they don’t necessarily have the license to purchase diamonds. They need people like us who have licences to buy for them, Khomotso told TransformSA.
According to Khomotso, their goal was not to earn only a commission but to be game changers within the diamond space. “We wanted to be the ones who are buying those diamonds. We wanted to be the front runners, not the facilitators of the business,” she said.
In 2014, South Africa produced 7.4 million carats worth $1.22 billion, making it the world’s fifth largest diamond producer by value, according to Kimberley Process figures. Today, most diamond polishing production occurs in India, Belgium, and Israel.
From the word go, Khomotso and her sister’s main barrier was finance. When they approached financial institutions to help start a factory, no institution was willing to fund them. “To have a meaningful diamond polishing business, you at least need to start with R3 million. To raise that amount, you’ll need an investor,” she said.
“Our challenges are still plenty. It is a tough industry to be in, and it is still an industry for the elite. And right now, India is the hub of manufacturing,” Khomotso said.
Despite all the challenges, Kwame Diamonds continues to play a huge role in improving the community’s lives, especially of those from disadvantaged backgrounds. Over and above that, Kwame helps its staff participate in all levels of diamond manufacturing.
