Sierra Leone Exporting 144.12Ct Diamond For More Than $600,000

(IDEX Online) – Sierra Leone’s Ministry of Mines and Mineral Resources (MMMR) and the National Minerals Agency (NMA) reported that a 144.12 carat diamond was brought to the Precious Minerals Trading Department of the NMA for valuation and certification.
 
Consistent with International best practice for diamond valuation under the Kimberley Process Certification Scheme, the NMA conducted a tripartite valuation process, with the NMA Valuers position being US$648,540, the Independent Valuers at US$659,925.48, and the Owner (exporter) of the diamond at US$601,701.

“Based on the above, the highest value of the three was US$659,925.48, and this was the value that was used to calculate royalty and other taxes due to the government. Consistent with the provisions of the Mines and Minerals Act of 2009, the exporter paid 15% of the export value equivalent to US$98,988.82 as royalty to the government, and he was provided with the Kimberley Certificate to export the diamond.

“The National Minerals Agency wishes to state that there is no Policy or Law that states that diamonds must be sold by public auction. The issue of auction will be dealt with during the upcoming review of the Mines and Minerals Act 2009 and other associated policies. The only official policy currently in existence is the tripartite valuation system (the owner of the diamond, the NMA valuers and the independent valuers) with royalty calculated on the highest of the three values.

“The MMMR and the NMA hereby assure the public of our firm commitment to ensure that Sierra Leoneans derive maximum benefits from our mineral resources at all times.”