ApexHi recently purchased three additional properties for R11-million in the area surrounding the 30 000m2 Jewel City, and plans are underway to enlarge the precinct and provide more space to the industry.

ApexHi’s asset manager, Grant Elliott, says although the redevelopment is subject to pre-letting 70% of the space, there is a waiting list of tenants who have indicated they would benefit from being accommodated in the complex.

“Apart from housing South Africa’s only diamond exchange centre and the statutory bodies, Jewel City already accommodates both Gauteng’s diamond grading companies, 66% of the province’s diamond cutters, 54% of the polished diamond dealers, 48% of the rough diamond dealers, and both specialised diamond courier companies,” he says.

The renewal project will expand Jewel City by approximately 5 000m2, and provide an additional 220 parking bays, as well as new retail space to allow tourists to shop for conflict-free diamonds within this secure precinct.

Elliott says ApexHi is committed to the City of Johannesburg’s efforts to rejuvenate the Urban Development Zone (UDZ) within the city and is supportive of the view that the diamond industry should operate from this area. “ApexHi has contributed R2-million towards the JDA for its project, and has invested R14-million in upgrading Jewel City in the last four years,” he says.

JDA CEO Lael Bethlehem says the City of Johannesburg has been intent on the potential for Jewel City to contribute towards broader regeneration efforts underway in Johannesburg. “The potential to expand this in line with national expectations for beneficiation in South Africa are significant, and the city has already committed R4-million capital investment in this financial year towards the regeneration of the Jewel City area based on this potential,” she says.

In addition, ApexHi has further demonstrated its commitment to the diamond industry by providing free space within Jewel City to the Velhani Hive – a “business incubator” scheme for previously disadvantaged people who graduate from training school. These people are given space, equipment and administrative structures to develop their own businesses.