20 October 2012

WARREN BUFFETT INVESTS IN SOUTH AFRICA

Warren Buffett, the world's most successful investor, has made his first investment in South Africa. The Richline Group, owned by Berkshire Hathaway, has bought the assets of South African Manufacturing Jewellers, which is in a business rescue programme. The company also trades as Alan Mair Manufacturing Jewellers. Richline specialises in precious metals, gemstones and design. It plans to revitalise the company and use it as a platform to export into Africa, Australia and the UK. Richline was forced to find its own electricity supply by buying a new substation and a bulk metering unit when Eskom refused to provide it with electricity. The local company employs 90 people and is said to be the biggest local jewellery manufacturer. It manufactures gold and silver jewellery, as well as bonded gold.