News

De Beers and SDT sign pact

diamond world news service

As per media reports, De Beers is taking concrete steps to better its working relationships with the South African government, and for this, has signed a beneficiation deal with South Africa’s minerals and energy department. Accordingly, it would sell 10% of its diamonds to the State Diamond Trader (SDT), who will supply them to local manufacturers.

At a press briefing, De Beers executive director Barend Petersen said “De Beers is fully supportive of the country's transformation objectives...to broaden access to beneficiation.” According to the Minerals and Energy Minister - Buyela Sonjica, the pact would be sent to the cabinet, before the end of the year. The SDT will begin operations in January 2008, and has yet to determine the criteria for selecting its customers, mentioned its chief executive Abbey Chikane.

In a Reuters report it was mentioned that De Beers expects to produce 14.7 million carats in 2007 and about 12.7 million carats next year, as a result of lost volume from discarded operations.


Follow DiamondWorld on Instagram: @diamondworldnet
Follow DiamondWorld on Twitter: @diamondworldnet
Follow DiamondWorld on Facebook: @diamondworldnet

Mother's Day 2024 - Jewellery Spending Holds Strong Amidst Evolving Gift Trends

De Beers is contemplating a decrease in LGD prices with its Lightbox jewellery brand

Malabar Gold & Diamonds Launches its 350th Global Showroom at Naperville, Illinois in the USA

Sotheby’s Paris Presents Jewellery Auction Featuring Spanish Socialite’s Collection

GIA India Holds Graduation Ceremony for Gemology Students in Mumbai