Dealing with diamonds has been a gem of a career
Peter Moeti is senior vice-president of De Beers Sightholder Sales South Africa
Tell me about the work you do.
I am essentially the CEO of De Beers Sightholder Sales South Africa. The exco and I are responsible for the day-to-day running of the business.
One of my most important functions is to ensure that my team and I manage the inherent commercial risks the company may face.
Managing stakeholder relationships is another critical task.
I also have to ensure there is regular engagement and alignment with stakeholders, which will lead to win-win and sustainable relationships.
How did you enter the diamond industry?
I finished school in 1985. I had to look for a job to earn a living and assist at home due to financial challenges. One of the places I visited was a tall and overpowering building in Kimberley. I had no idea what happened in that building. I was given forms to complete, and in November 1986 I started in Harry Oppenheimer House as a trainee sorter. That was my first step into the diamond industry.
What did you study, and how has that helped you in your work?
Management development programmes and other related leadership programmes helped me to develop the tools and techniques I need in my current leadership position.
What are some of the challenges facing the diamond industry?
From a mining perspective, we need to secure the next resource, hopefully through successful exploration initiatives, as the current resources are nearing the end of their life. Securing the next mine will assist in increasing our availability, which will in turn allow us to supply more to the local industry for beneficiation purposes.
In terms of efficiencies, the local industry lags behind other countries and there are opportunities to turn this around.
Smaller businesses that work in cutting and polishing battle to get access to funding and markets, and this is a real challenge.
What did you want to be when you were growing up?
I wanted to be a doctor, probably because of the impressive care and good treatment I received as a child when I had to visit hospitals and clinics due to my ill-health.
What makes you good at your job?
As I mentioned, I started as a trainee sorter and from there I was exposed to rough diamond sorting and valuation, buying rough diamonds on the open market, selling rough diamonds to our sightholders and occupying leadership positions. All of this means I understand the business very well, having come up through the ranks.
What advice do you have for young people wanting to work in the diamond industry?
The diamond industry is like any other industry — there are challenges and opportunities alike. You will need to spot the opportunities to take advantage of them. Be prepared to make sacrifices. You may have to sacrifice your time or your ego to achieve success. Remember, you will only get out as much as you are prepared to put in.
I understand the business very well, having come up through the ranks