Polished Prices writes:
The South African government moved ahead this week with several key appointments to its state diamond regulatory body.
Among the appointments for the new regulator - in charge of licencing, the Kimberley Process and beneficiation - is Louis Selekane, current CEO of the South African Diamond Board, who will become chief executive.
Martin Mononela, previously chief director at the Department of Minerals and Energy, will act as general manager. According to Mononela, the boards of the State Diamond Trader as well as the regulator – each comprising of 16 civil and industry representatives – have already been appointed.
Based on the new South African Diamond legislation, 10% by value of the country’s diamond production must be made available to the State Diamond Trader. The government is currently in the process of appointing a State Trader, whose activities will be overseen but its own independent board of directors.
Licence holders applying for goods from the State Diamond Trader are required to polish and cut 80% of their supplies in South Africa. The remaining 20% is exempted from export duty, said Mononela.
“After personnel have been put in place at the trading body, the trading will begin," said Mononela, adding this could be as early as August 2007. “In terms of the law, the negotiations have been finalised with the producers,” he said.
The President is expected to promulgate the new legislation no later than August 2007.
More info @ http://www.polishedprices.com/article.shtml?ID=1000004502
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