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SA diamond amendment bill to hit DTC
“South Africa’s proposed Diamond Amendment Bill could lead to the demise of De Beers’ marketing arm,” said major shareholder Anglo American Plc.
By: Diamond World News Service
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Oct 10 2005 12:00AM
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Reference: 77  

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“South Africa’s proposed Diamond Amendment Bill could lead to the demise of De Beers’ marketing arm,” said major shareholder Anglo American Plc. “The Diamond Bill will have the effect of compromising the DTC’s future viability,” said Reuters quoting the company, which owns 45% of De Beers, the world’s biggest diamond producer. Anglo American was responding to a draft bill that would restructure South Africa’s diamond mining sector, proposing to create a state diamond trader and to impose a 15% export levy. “Elimination of South Africa’s unpolished diamonds from the DTC’s aggregation of production might lead to the demise of the DTC should other major producer countries follow suit with similar legislation,” Anglo’s South African unit said in a written submission to parliament’s minerals and energy committee.

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