Local Diamond Beneficiators Shine At Hong Kong Gem Show 2019 - Business Media MAGS

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Local Diamond Beneficiators Shine At Hong Kong Gem Show 2019

The State Diamond Trader (SDT) continues to create a platform for local diamond beneficiators to showcase and trade their polished diamonds at international platforms.

The SDT recently collaborated with six local diamond beneficiators to exhibit their unique precious products blended with modern craftsmanship various diamonds products including jewellery at the Hong Kong Gem Show in September 2019.

 The September Hong Kong Jewellery & Gem Fairis home to Asia’s largest gem market place with over 1 700 exhibitors showcasing a wide range of loose gems of diamonds, gemstones and pearls from around the world. Global shows such as this provide a platform and opportunities to expand the local diamond industry internationally.

The SDT has been facilitating the participation and SA national Pavilion for the past 6 years, and this year took six local companies, which include Rez Diamonds; Millennium Diamonds; Kwame Diamonds; Nungu Diamonds; Outclass Crystallized Gems and Hall of Diamonds, to Hong Kong to market and sell their proudly South African polished diamonds. The companies managed to generate more than R41 million combined through the sale of locally produced diamond products.

This initiative is one of the interventions the State Diamond Trader spearheads to assist emerging diamond beneficiators to access the local and international markets. The State Diamond Trader is committed in promoting the growth of the South African diamond beneficiation industry, positioning it as the heartbeat of diamond beneficiation in South Africa.

The State Diamond Trader’s main business is to buy and sell rough diamonds in order to promote equitable access to and beneficiation of diamond resources. The main aim of the State Diamond Trader is to address distortions in the diamond industry and correct historical market failures to develop and grow South Africa’s diamond cutting and polishing industry.

The State Diamond Trader is a state owned entity established in terms of Section 14 of the Diamonds Amendment Act, 29 of 2005. The company is classified as a Schedule 3b entity of the Public Finance Management Act (PFMA), and is eligible by law and proclamation to purchase up to 10% of the run of mine from all diamond producers in South Africa.

Image: ©iStock - 523157398

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