16 Aug 2021

Parliament has amended the Diamond Cutting Act.

This was after deliberating on the bill that Minister of Mineral Resources, Green Technology and Energy Security, Mr Lefoko Moagi presented in Parliament recently.

Cap 66:04 of the act provides for regulation of diamond manufacturing in Botswana.

The act further provides for local beneficiation of diamonds and such activities include sorting, valuing, marketing and diamond processing.

The Diamond Cutting Amendment Act of 2021 is also intended to stimulate employment generation, skills development, citizen empowerment and industry development to transform Botswana into a world class diamond centre.

The new law will, among others, ensure that only credible or legitimate companies are licensed in diamond manufacturing in Botswana.

Under the amended act, government will also be able to tighten regulatory control of downstream beneficiation of all the diamonds in the country.

In addition, the act provides for diamond cutting licenses to be issued to companies as opposed to nominees or individuals.

Sections, Minister Moagi said, created barriers to business operations have been repealed hence that will encourage participation in diamond business besides introducing stiffer penalties proportionate to the magnitude of offences in the industry.

Other sections deal with barriers to business operations. ENDS