The exact timing and process for the next diamond parcel export to the Petra Diamond marketing office in Antwerp and subsequent sale will now be finalised between the company and the Government of Tanzania.
A resolution has not yet been reached with regards to the parcel of 71 654.45 carats from Williamson that was blocked for export.
In addition to the seizure of the parcel of diamonds certain key personnel from Williamson were also questioned by the authorities.
The Williamson mine is held 75% by Petra Diamonds and 25% by the Government of Tanzania, and Petra confirms that all operations related to the mine are conducted in a transparent manner and in full compliance with legislation in Tanzania and the Kimberley Process.
The government has complete oversight of the diamonds produced at the mine, which are physically controlled by a number of different government representatives in conjunction with Petra Diamonds from the point of recovery until the point of sale.
Petra Diamonds is not responsible for the provisional valuation of diamond parcels from Williamson before they are exported to Antwerp; this is carried out by the government’s Diamonds and Gemstones valuation agency.
This provisional valuation is used to calculate Petra Diamonds’ provisional royalty payments to the government, however adjustments to final royalty payments based on the actual sales proceeds for the diamonds, once sold in Antwerp, are then made at the end of the tender process.
The competitive open tender process used by Petra Diamonds is also used by several other diamond mining companies and has a proven track record of transparent price discovery.
Feature image credit: Petra Diamonds