South Africa’s State Diamond Trader’s (SDT) chief executive officer Abbey Chikane, is soon to complete his tenure and contract with the organisation, and is not looking at renewing the same. His contract expired end-August 2008 and had a 12-month fixed-term contract running through the provisional rights period in which the trader could operate. Chikane has joined on a managerial post at business consultancy firm Gemini Consulting, in which he is a 30 percent stakeholder.

At present, the SDT Board awaits approval from the Treasury to continue to operate as an entity. It will continue to operate in the interim period and will appoint a replacement soon.

The company was launched on September 1, 2007, undertaking to supply 10 percent of South Africa’s rough diamond production to small-to-medium manufacturers, or non-DTC sightholders who previously obtained supply from Diamdel, for beneficiation. Diamond miners were required to supply SDT with 10 percent of their mine production, as per a new legalistion.

At present SDT receives diamonds from four mining companies including De Beers and Petra Diamonds, as per Rapaport news.