RAPAPORT… 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)
South Africa Urges Diamond-Sector Change
The Bottom Line
- South African government highlights slow progress in local beneficiation despite significant diamond production.
- A regulator has been appointed to oversee transformation efforts following a review of SADPMR, Mintek, and the State Diamond Trader.
- Only revenue from about 284,212 carats out of 881,072 carats produced in 2017-2018 benefited the local economy.
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