Industry News by Nemesis

CAR Reforms Diamond Mining Sector to Fight Illicit Trade

October 9, 2019

The Central African Republic (CAR) has launched a full overhaul of the country’s alluvial diamond mining sector to fight illicit traffic.

“Going forward, the CAR’s government will stand for a bold new and drastic approach where full transparency and proper due diligence protocols, traceability of individual parcel and OECD Due Diligence Guidance will be crucial,” it said in a statement.

“The country direly needs diamond production to return to the formal market.”

Following the adoption of a presidential decree signed by the President Faustin Archange-Touadéra last Monday, all existing buying houses are required to formalise exports and to withdraw from any engagement in the informal circuit. 

In addition, each buying house will be expected to export at least $3 million per quarter and the government will withdraw licences in case of failure to adhere to the regulation.

“After a trial period which will end on 31 December 2019, the buying houses that have passed the conditions will enter into a contract with the CAR government which will stipulate the due diligence sourcing protocols,” it said.

The presidential decree also stipulates severe conditions on foreign buyers whose licences will also be withdrawn in cases of non-compliance. 

CAR produced diamonds worth $2.3 million last year from a high of $62 million in 2012.


Source: Rough&Polished

Please reload

Follow Us...
Recent Posts
Please reload

Please reload

Search By Tags