S. African president lauds huge investment in diamond industry CAPE TOWN, Oct. 22 (Xinhua) -- South African President Jacob Zuma on Tuesday lauded a 20-billion-rand (about 2-billion-U.S.- dollar) investment in the diamond industry, the biggest single investment in the diamond industry in decades. The investment "signals that indeed our mining sector is poised for growth, and that it has a bright future," Zuma said at the launch of the construction phase of the De Beers Venetia Underground Diamond Mine in Musina, Limpopo Province. The construction marked another important milestone in the development of the diamond industry, and also the country's mining, Zuma said. "The investment will no doubt boost diamond production, from which the country has lost its eminence in recent years," said Zuma. This project, he said, is also significant because it demonstrates confidence in South Africa as an investment destination of choice by both foreign and South African companies. This operation employs more than 2,500 people, and indirectly benefits thousands of people in the community and the province, according to Zuma. In addition, 3,000 people will benefit from employment created during the peak of this construction phase and that the mine will sustain approximately 2,500 full time jobs over the life of the mine. Mining has been the foundation of economic development in South Africa for well over a century. Despite a considerable diversification of the economy in the recent past, the mining sector remains the cornerstone of the economy, due to the number of direct and indirect jobs, its export earnings and other benefits, said Zuma. "Our mineral-rich country continues to host significant known reserves of mineral commodities, with almost 60 minerals being actively mined," Zuma said. Estimates suggest that South Africa's mineral resources will be exploitable for over a century to come. "It is for this reason that as government we are investing time and effort in strengthening the mining sector so that it can contribute to inclusive growth and jobs as envisaged in the National Development Plan," the president said. Thus, our mining industry is definitely poised for growth, especially if we continue working together to promote the industry in various ways.  The country's mining sector has been hit by persistent labor unrest that has caused billions of rand in losses. Zuma said the government was encouraged by the positive response of business and labor to the government's intervention to bring about labor peace and stability. While there is relative peace, there were still isolated incidents of violence such as the killing of a National Union of Mineworkers branch leader in Rustenburg near Johannesburg last week. "Such incidents have no place in a democratic society like ours, " Zuma said. He stressed the need to speed up the transformation journey that began in 1994 with the dawn of freedom and democracy. Fortunately, investors in the mining industry are aware that they should, in terms of the law, redress past imbalances in the industry, said Zuma. These past imbalances are related to the failure of the colonial system to re-invest in the local human resource base and the regeneration of the local economy and protect the environment, according to Zuma.