South Africa State Diamond Trader Launches Operations
March 02, 08 by Edahn Golan
South Africa has officially launched the State Diamond Trader (SDT), the body designated to purchase 10 percent of locally produced diamonds for resale on the South African market. This act moves the policy of local beneficiation a step further.
“Extending South Africa’s world-class status as producer of diamonds and precious metals further downstream into fabrication is one of the objectives of government,” said Sandile Nogxina, director general of the Department of Minerals and Energy Affairs.
The SDT, which will be located in Kimberley, will also develop local diamond cutting and polishing skills. As the SDT begins operating, it is expected by the government to increase local production from the current 3 percent of total diamond production.
The initiative is expected to create thousands of jobs related to cutting and polishing diamonds as well as in and jewelry manufacturing.
South Africa is the world’s third-largest diamond producer; the country produces 14.5 million carats annually and employs about 14,300 people. However, only 2,400 of these are in manufacturing and 900 in sorting and valuations.
