Diamond trader launched
The State Diamond Trader (SDT), established by the government to buy 10percent of South Africa's diamond production and sell it on the local market, has until June to prove itself financially self-sustainable, an official said at its official launch on Friday.
In addition, the institution was given a three-year period to access the skills and experience of experts at world-dominant De Beers' rough diamond supply branch Diamdel, after which it will have to prove itself to be sufficiently skilled.
The initiative is aimed at developing local diamond cutting and polishing skills and is in line with the government's Industrial Policy Action Plan to increase mineral beneficiation in the country, minerals and energy affairs director-general Sandile Nogxina said at the launch in Johannesburg.
The SDT launch, which coincided with the establishment of the South African Diamond and Precious Metals Regulator, will be backed financially by the Industrial Development Corporation.