Industry News by Nemesis

South Africa Urges Diamond-Sector Change

September 4, 2019


The South African government is calling for change in the diamond industry after expressing concern about the slow pace of local beneficiation. 

The Portfolio Committee on Mineral Resources and Energy has appointed a regulator to monitor the transformation after a weeklong review and oversight of the South African Diamond and Precious Metals Regulator (SADPMR), mineral research and development entity Mintek and the State Diamond Trader. 

While the country produced 881,072 carats in the 2017 to 2018 financial year, only revenue from the sale of 284,212 carats was used to benefit the local economy, according to data from SADPMR.

“Although we applaud the regulator for a clean bill of health with regard to its finances, its effort to transform the sectors still remains a major concern for us,” committee chairman Sahlulele Luzipo said last week. 

Image: Rough diamonds. (De Beers)


Source: Rapaport

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