Jonathan Oppenheimer faces opposition

Said to have double standard views
Jonathan Oppenheimer faces opposition

The opinions of Jonathan Oppenheimer, Director De Beers, on South African government�s excessive patronage for its local diamond market, faced opposition from South Africa Minerals and Energy Minister Buyelwa Sonjica, who considered his approach as double standards.

What Jonathan Oppenheimer had pointed out in his talk at the Gordon Business Institute in Johannesburg, was the raised costs of polishing diamonds in South Africa (being $US70 to US$100 per carat) compared to costs in India being barely US$6 to US$8. He stated in the Mining Weekly that, �unless the government was determined to subsidise that difference, the net benefit of selling those diamonds locally had to be measured against the net loss of local revenue".

However, Sonjica was of the opinion that these comments were double standards, as De Beers had supported the government to set up the State Diamond Trader with the profile of purchasing 10% of local diamond production to be sold to the country�s diamond polishers and cutters. He considered the company contradicting its own support for the local diamond industry.


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