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Diamonds Amendment Act 29 of 2005

By Legalish, Oct 14 2014 09:53AM

To amend the Diamonds Act, 1986, so as to define certain words and expressions and to amend and delete certain definitions; to establish the South African Diamond and Precious Metals Regulator; to provide for its objectives and functions; to provide for the constitution of its Board and the management of the Regulator by the Board; to provide for the chief executive officer and other staff of the Regulator; to provide for the finances of the Regulator; to establish the State Diamond Tkader; to provide for its objectives and functions; to provide for the constitution of its Board and the management of the Trader by its Board; to provide for the chief executive officer and other staff of the Trader; to provide for the finances of the Trader; to require diamond producers to offer a percentage of all diamonds produced in a production cycle to the State Diamond Trader; to do away with the requirement that licensees have to display their names and other particulars at their business premises; to require a licensee to retain a note of receipt of purchase in respect of unpolished diamonds for five years and not only two years; to provide that only synthetic diamonds are exempted from export duty; to repeal the provision providing for the deferment of payment of export duty; to make it obligatory that the registering officer examine unpolished diamonds registered for export and verify particulars furnished in respect thereof; to adjust the amount of the fine payable if the value of an unpolished diamond as assessed on behalf of the Regulator exceeds the value of the diamond as specified by the exporter; to provide anew for the release of unpolished diamonds for export; to require an exporter to, within three months from the date on which an unpolished diamond has been released for export, submit proof that the proceeds of the transaction have been repatriated to the Republic; to make it obligatory that the registering officer examine polished diamonds registered for export and verify particulars furnished in respect thereof; to make it an offence to sell synthetic or enhanced diamonds without disclosing that they are synthetic or enhanced diamonds; to replace certain obsolete provisions and to delete others; and to empower the Minister to make regulations regarding guidelines for, and the implementation of, broad-based socio-economic empowerment; and to provide for matters connected therewith.


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