The R1.2-billion Jewel City development project, in Johannesburg, near the Maboneng Precinct, was launched with a sod-turning event on November 19. Johannesburg mayor Herman Mashaba (left) was in attendance, and is flanked here by Sigma Capital executive chairperson Phuti Mahanyele and City of Johannesburg Development Planning MMC Reuben Masango. Divercity Urban Property Fund and its backers – including some of South Africa’s leading property investors and developers, such as Atterbury and Ithemba – are funding the development. The site derives its name from its location in what was previously the heart of Johannesburg’s diamond and precious metals trade. The precinct spans six city blocks that have been closed off to the public for decades.