(Reuters) - South Africa's plans to change the laws governing its diamond sector to help lock-in wealth in the world's fourth largest diamond producer could harm the industry in the long run by forcing the closure of mines, industry players said on Monday.
The new law is part of a wider scheme by South Africa to balance a market whereby it is a major producer of the gem, but still a minor player in the lucrative cutting and polishing business, which is dominated by low-cost manufacturers China and India, which are not diamond producers.
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