Industry News by Nemesis

Macau Government Proposes Bill on Trade in Rough Diamonds

April 6, 2019

The Executive Council has announced on 28 March 2019, that the government has drafted a bill which if approved by lawmakers would enable Macau to implement the Kimberley Process Certification Scheme (KPCS), which then would allow Macau to import rough diamonds. 


Currently, there is no trade in rough diamonds in Macau. The Bill would allow Macau to prepare to become an international centre for the trade in rough diamonds in the future. Macau imported polished diamonds worth 20 million patacas last year.


The proposed legislation would help Macau develop a rough diamond trade sector, adding that the trade would also help Macau give full play to its role as a business-service platform between China and Portuguese-speaking countries, as some of these countries are among the top producers of rough diamonds.


The Bill proposes that rough diamonds imported by Macau originating from a particular country or region must be accompanied by a certificate issued by that country or region’s external trade authorities.


The Bill proposes that rough diamonds exported by Macau must be accompanied by a certificate issued by the Economic Services Bureau. And, any business person in Macau engaging in the import, export, intermediary trade, sale and transport of rough diamonds must obtain a license from the local government.

 

The bill proposes a two-year transition period. The bill authorizes the Macau Customs Service to verify rough diamonds. The government proposes that the bill become law on October 1 this year.

 

Source: Rough&Polished

Please reload

Follow Us...
Recent Posts
Please reload

Archive
Please reload

Search By Tags