|The diamond trading precinct will also open a 76-square-meter retail store to boost pedestrian traffic|
Jewel City, a six-block precinct in Johannesburg that serves as a base for some 300 diamond traders as well as South Africa’s Diamond Board and State Traders Association, is undergoing a $5 million renovation, the SAcommercialprop News website reports.
Some 500 people visit the high-security area per day, most of whom are there to buy polished diamonds.
Jewel City underwent refurbishment as recently as 2007, when money was invested to upgrade the streets and add lighting, artwork, seating areas, and paving. The new overhaul – scheduled to be complete by the end of 2011, includes a $3.8 million extension to the Diamond Board’s head office and a 76-square-meter retail shop to boost pedestrian traffic.