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De Beers not optiimistic about S.A's government policies
Says it is exceeding limits
By: Diamond World News Service
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Jul 20 2007 12:00AM
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Reference: 1080  

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Jonathan Oppenheimer –director, De Beers, is not optimistic about the South African government’s concessions to boost its local trade, as according to him they were exceeding their limits. He felt the government must subsidise the cost of polishing diamonds in South Africa which entails $70 to $100 per carat, as against $6 to $8 per carat charged in India. The exceeding labour cost would weigh on the final sales of the diamonds in the local market.

By levying 5% levy on exports of roughs, and establishing the State Diamond Trader, the government is trying to further encourage the local polishing and cutting market. But the same needs to be checked considering the costs involved. Also, the processing of larger stones would only reduce the problem at the high level and require a lot of government support.

Although not in consent with the policies in complete, Mr. Oppenheimer assured a full support for the region’s trade, and an effort to help the government realise the economic consequences of its decisions.

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