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De Beers SA sells more rough diamonds to local beneficiators than required by law

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De Beers Group in South Africa has sold more than 70% of its total gross sales of rough diamonds to local beneficiators, according to a senior manager.
De Beers Group Managed Operations managing director responsible for South Africa and Canada, Nompumelelo Mpumi Zikalala was quoted by Mining Weekly as saying that they sold 30% more than the 40% required by legislation. 

Image credit: DWilliams (Pixabay)

She said the production profile required by customers to cut and polish profitably did not allow the 40% threshold to be achieved and the only way of doing so was through aggregation.
“Our sales model works in a manner where our different countries mine the diamonds, we then aggregate them together, and coming out of that international mix, we then extract what it is that customers in those specific countries would be looking for, driven by profitability,” Zikalala said.
Diamond output in South Africa fell by 65% to 400,000 carats in 2019 due to lower volumes of ore mined at Venetia as it approaches the transition from open pit to underground.  

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