South African Diamond and Precious Metals Regulator

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Overview

The South African Diamond Board was established in 1987 in terms of the Diamond Act, Act 56 of 1986 to regulate control over possession, the purchase, and sale of diamonds, the processing and the export of diamonds. During 2007 three pieces of legislation, namely; the Diamond Amendments Act, Act 30 of 2005, the Diamond Second Amendment Act, Act 30 of 2005 and the Precious Metals Act, Act 37 of 2005 were promulgated thereby broadening the legal mandate of the Board to also regulated precious metals.

Subsequently the South African Diamond Board was de-listed as a Schedule 3A public entity in March 2007 and replaced by the South African Diamond & Precious Metals Regulator, which was established by Section 3 of the Diamonds Act, 1986 (as amended in 2005).

The South African Diamond & Precious Metals Regulator (SADPMR) or “the Regulator” for short was established to administer the Diamonds Act, 1986 (as amended) and the Precious Metals Act, 2005 (Act 37 of 2005).

The Precious Metals Act, 2005 (Act 37 of 2005) commenced on 1 July 2007 and Regulations made under the Act took effect on 9 July 2007. These Regulations were amended on 4 April 2008.

The Diamond Exchange and Export Centre (DEEC) was established by the South African Diamond and Precious Metals Regulator (SADPMR), in terms of section 59(b) of Act no.30, 2005 and started operating on the 14th January 2008.

One of the core function of the SADPMR is to facilitate the buying, selling, exporting and importing of diamonds through its Diamond Exchange and Export Center (DEEC). The DEEC is a secure and controlled environment where goods are offered to other licensees, and plays a vital role in ensuring that unpolished diamond tenders are facilitated fairly to the local market.

An additional service for the facilitation of polished diamonds was launched on 15th February 2013 by DEEC and first tenders were facilitated from 11th - 15th March 2013.