Israeli diamond magnate Beny Steinmetz has sold his cutting and polishing business, inferring it does not have adequate margins.
“As part of routine business, holdings in [Steimetz Diamond Group’s] diamond polishing and cutting company were sold,” said a statement from spokesman Theo Crutcher. “Mr. Steinmetz continues to operate in the mining, distribution, and trading of diamonds, areas where growth opportunities are higher and profit margins more attractive.”
While Crutcher did not respond to an inquiry as to the purchaser, Israeli press reports identify the buyer as Steinmetz’s brother Daniel, who already owns a majority of that business.
Crutcher added there “is no connection, either direct or indirect” between the sale and Steinmetz’s legal issues over mining in Guinea. That contradicts a statement attributed to Steinmetz’s lawyer in the initial report in Swiss newspaper Le Temps.