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South Africa
NATIONAL LEGISLATION OVERVIEWS
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Diamonds Amendment Act, No. 29 of 2005

Long title


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 Trader; 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.

Table of contents

SECTION TITLE
1. Amendment of section 1 of Act 56 of 1986...
2. Substitution of section 2 of Act 56 of 1986...
3. Substitution of Chapter II of Act 56 of 1986
4. Amendment of section 18 of Act 56 of 1986...
5. Amendment of section 25 of Act 56 of 1986
6. Repeal of section 25A of Act 56 of 1986
7. Amendment of section 36 of Act 56 of 1986
8. Substitution of section 39 of Act 56 of 1986
9. Repeal of sections 40, 41, 42 and 43 of Act 56 of 1986
10. Repeal of section 51 of Act 56 of 1986
11. Amendment of section 56 of Act 56 of 1986
12. Insertion of section 56A in Act 56 of 1986
13. Repeal of section 58 of Act 56 of 1986
14. Amendment of section 61 of Act 56 of 1986
15. Substitution of section 65 of Act 56 of 1986
16. Amendment of section 66 of Act 56 of 1986
17. Amendment of section 67 of Act 56 of 1986
18. Amendment of section 68 of Act 56 of 1986
19. Substitution of section 69 of Act 56 of 1986
20. Insertion of section 69A in Act 56 of 1986
21. Substitution of section 72 of Act 56 of 1986
22. Amendment of section 73 of Act 56 of 1986
23. Substitution of section 83 of Act 56 of 1986
24. Substitution of section 84 of Act 56 of 1986
25. Substitution of section 86 of Act 56 of 1986
26. Repeal of sections 88 and 89 of Act 56 of 1986
27. Amendment of section 90 of Act 56 of 1986
28. Amendment of section 95 of Act 56 of 1986
29. Amendment of section 98 of Act 56 of 1986
30. Substitution of certain words in Act 56 of 1986
31. Transitional provisions and savings
32. Short title and commencement
61(2)(A). [sic - No title] [...inserted by Act 2007_014_019 Schedule]**
66. [sic - No title] [...repealed by Act 2007_014_019 Schedule]
68. [sic - No title] [...repealed by Act 2007_014_019 Schedule]
69. [sic - No title]
 
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