Login

In a world where transparency is more and more the standard, our business must address the lab grading issue willingly

Jeweler-Designer Arnaud Flambeau started his career in the jewelry business in 1993 at European Gold Company CLAL as Key Account Manager for the Jewelry Division, where he was in charge of international brands like Cartier or VCA and their subcontractors...

Today

Vallabhbhai Shamjibhai Patel tells about the ongoing construction of the Surat Diamond Bourse

The under-construction Surat Diamond Bourse (SDB) is India's second diamond trading hub based at Surat, Gujarat, spread across 35.54 acres with more than 4,000 offices for national & international traders. On the onset, the project which...

18 june 2018

The strategy of regulating the Russian jewellery industry

At the General Meeting of the Russian Jewellers Guild Association held in April, two principally important documents were adopted: The Strategy of Regulating the Jewellery Industry of Russia and The Charter of a Good Faith Taxpayer. Besides, the issues...

13 june 2018

Our first priority is to better understand artisanal and small-scale mining - Elodie Daguzan

The Diamond Development Initiative (DDI), the organization dealing with the traditional diamond mining, recently announced the appointment of Élodie Daguzan as its first Goodwill Ambassador. Ms. Daguzan, who currently works as head of communication...

04 june 2018

Zimnisky on De Beers’ Lightbox: It’s a strategic, bold move that will benefit the entire natural diamond industry

De Beers shocked all and sundry end of May when it announced the launch of a new company called Lightbox Jewelry, which will market a new brand of laboratory-grown diamond jewellery in September. This effectively meant that the group had departed from...

01 june 2018

Tanzania to ‘nationalise’ diamonds seized from Petra – report

13 september 2017
Tanzania is set to “nationalise” diamonds it said are worth $29.5 million belonging to Petra Diamonds after it accused the firm of under-declaring its mineral exports.
Reuters reports that the diamonds were seized at the main airport in Tanzania’s commercial capital Dar es Salaam on August 31 as they were being exported by Williamson Diamonds Ltd to Antwerp, Belgium.
Petra owns a 75 percent stake in Williamson Diamonds, while the remaining shares were held by the government.
“While Williamson Diamonds Ltd declared in its documentation that the value of the diamonds was $14.798 million, a fresh valuation done by the government established that the actual value of the diamonds is $29.5million,” Tanzania’s finance and planning ministry was quoted as saying in a statement.
“Among the legal action to be taken include the nationalisation of all the diamonds seized after it was established that there was cheating involved in declaring the actual value of the minerals.”
However, Petra said Monday that it had conducted all operations related to the Williamson mine in a ”transparent manner and in full compliance with legislations”.
Tanzania said it had ordered a fresh sorting and valuation of the diamonds to ascertain if the actual value was declared and all relevant taxes were paid.
The government also ordered a criminal investigation to be launched against all officials involved in declaring the value of the diamonds and issuing export permits.
Tanzanian president John Magufuli ordered last Thursday a review of Petra Diamonds’ contract.
Tanzania claimed it was likely losing more than $46 million each year from the export of under-cleared diamonds.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished

Comments

Only registered users can add comments (Register, Login)