As per industry reports, the Guyana Geology and Mines Commission (GGMC) has served notice to all diamond traders that all locally mined rough diamonds would now be valued at a flat rate of $100 per carat up 33 per cent from an earlier $75 per carat.

The royalties have increased accordingly, to a total of 5 percent, or $5 per carat.

On the other hand, the Guyana Gold and Diamond Miners Association complained is disturbed by the ruling since they were not consulted before taking this decision.