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Gold/Mining/Energy : SOUTHERNERA (t.SUF) -- Ignore unavailable to you. Want to Upgrade?

To: PHILLIP FLOTOW who wrote (4969)	11/15/1999 1:32:00 PM
From: crudestope	Respond to of 7235

De Beers set to resume exports. Dear Phillip, I received the following report from Durban, South Africa, today. In particular read the last three paragraph as to the funding of the Diamond Board. De Beers appears set to resume diamond exports from South Africa this week, after they had been halted for a second time this year because of a dispute between the world's leading diamond company and the state Diamond Board. The dispute is essentially over price, with government valuators maintaining that export permission was delayed because the company appeared to have undervalued some of its export diamonds. However, Nicky Oppenheimer, De Beers chairman, said there were no specific problems with obtaining the clearance, but he was "very concerned" that the bureaucratic process took eight weeks, rather than the usual five. De Beers confirmed yesterday that a parcel of diamonds was expected to leave the country "very soon" and said the delay would have no negative consequences on its finances. The dispute has prompted the government to review its policy. Phumzile Mlambo-Ngcuka, minister of mineral and energy affairs, said "I have prioritised the reviewing of the Diamond Act to assist in bettering relations between the Diamond Board and the rest of the industry." The Diamond Act stipulates that exports of gems must have their value certified by a valuator appointed by the Diamond Board. But many see an anomaly in the fact that the state board is funded by the producers, mastercutters and rough diamond dealers. The cabinet is expected to discuss the revised legislation early next year. De Beers, which controls about 70 per cent of the world's trade, has three members on the Diamond Board. Crudestope.