Town Diamond Cut

Town Diamond Cut

In the Mines: Making the Most of rough diamonds from Sierra Leone

Improving the environment for investors

Marketing of diamonds began in the 1930s, Sierra Leone has produced over 500 million carats of diamonds need support in the world of diamonds. The diamond fields of Sierra Leone is estimated to extend over an area of approximately 3,000 square miles, surrounded by sections of Sewa River covering towns such as Bo, Kenema, Yengema, Koidu, Kono and Tongo Field, and extends to Liberia. Diamonds are found in the vast alluvial deposits in the underlying dikes and pipes, and also rocks on higher ground. These areas still contain millions of carats of diamonds.

Good number of large mining of diamonds in Sierra Leone in particular Diamond Corporation, minerals AMCAM, African Diamonds, Rex Diamond Mining, Mano River Resources spent a lot of things to build their own alluvial deposits in Sierra Leone, and many are evaluating opportunities to invest. In his first speech to parliament in September 2007 session, the President Ernest Koroma told the revision of mining policies to generate higher returns on exports of diamonds for development. With the likely need for rough diamonds continues to rise in value of rough diamonds could continue to give billions of dollars in coming decades. However, the diamond mining industry has been one of the most corrupt, with billions dollars in lost revenue has been recorded in the smuggling of diamonds, so the Sierra Leone diamond industry first bad sector more expensive.

There is a theory behind improving the environment for investors in the diamond industry. The theory is that investment well coordinated in the diamond industry can protect the country against the shocks of inflation for the economy of Sierra Leone. Diamond Strategic Exports to enable the Government of Sierra Leone to generate more foreign exchange for millions of dollars of foreign investment in the industry.

Most foreign investment in the country can help the government as an exporter of diamonds to the growth of its economy. Eve Strategic industry promotes country image that attracts more investment. And you can reduce (largely) revenue that the massive flow of scam hawks corrupt, help reduce the rioters less formidable. Thus, in theory, a well-regulated diamond industry is an important tool of policy economic and foreign. In practice, it stimulates the foreign exchange earnings to the government that can sustain the massive development projects when these revenues are managed properly. And on that front, the government really has to be firm to the introduction of a system that effectively regulates the industry.

The country has been weak and opaque government mining policies when officials lined their pockets designated by the profits generated from below the actual production of rough diamonds. The Department of Mineral Resources ago mining policy decisions. It also coordinates the export diamonds. Sierra Leone diamonds are valued as one of the best diamonds in the world, even when the main regulators of diamonds in the reliability Control of Antwerp and the price of supplies of rough diamonds, they have most of the global production capacity surplus.

Today market, however, has little excess capacity, and supplies are listed on the diamond market dominated by large volumes of private. But stocks of rough diamonds quality are rarely treated with an accurate picture of these markets, despite the fact that effective management would ensure a reliable supply. Expanding the supply of rough diamonds could help improve the security of natural resources of Sierra Leone, but until the government Sierra Leone better manage its production of rough diamonds billion strategic continue to disappear without economic growth. Such an effort would be justified Koroma that if the administration radically reformed its approach to the mineral deposits of the country and coordinated to meet international standards to create a better climate for foreign investors to inject more capital resources to strengthen the economy of Sierra Leone.

More importantly, the administration Koroma must pass the control of its mineral deposits of the President (and politicians at the Ministry of Mines) on an independent mineral deposits. Presidential and ministerial discretion, once thought to give flexibility to the system and make production of rough diamonds from a powerful foreign policy tool, now has the opposite effect. Presidential and ministerial control has politicized decisions on deposits, more than most presidents have shown Sierra Leone unable to move quickly and credibly with the diamond trade.

In addition, because diamonds are a beautiful world of commodities, the government should also promote Koroma better internal coordination of national deposits. The current system of national coordination has generally worked for pay politicians who mine decisions Political politicized, and it has been shown to help the hawks scam, it has more freedom to the industry of corruption and are obviously help themselves first. The current settings to determine if GGDO doing its part to protect against the export of rough diamonds and insecurity defraud foreign investors is the amount of taxes are reported calculations of the Kimberley process. A better system would focus on how they manage adequate documentation of purchases of diamonds and the extent to which foreign investors are informed about the challenges of doing business in Sierra Leone with the advice protection and how it could operate successfully in the country that the private sector developers.

Scam Hawks

A lesson learned foreign investors over the years crooks misuse of investor funds, is how vulnerable the hawks disappointment: many foreign investors are losing millions of dollars into the industry without making a declaration. To help limit the incentives of the scam Falcons' misleading investors, the Parliament should enact a law that protects investors against predators in the country and to imprisonment for Hawks to decide deliberately scam scam investors their money. This will allow foreign investors and generate a greater motivation for investors to get involved in the industry in Sierra Leone. A model of governance in the mining sector which reflect the industry structure Mining a viable framework in which the foreign investors are fully protected predator, as this would encourage more investors to inject more capital into the country.

The certification system of the Kimberley Process in 2002 the international trade in rough diamonds is concentrated in gems are traded in the movement for the international market, and set conditions to address the problem of conflict diamonds, the diamonds sold by rebels armies to foment wars in Sierra Leone, Angola and Democratic Republic of Congo. Y "in the Interlaken Declaration of November 5, 2002, the Representatives of the United States and 47 other countries have announced the launch of the Kimberley Process Certification of Rough Diamonds (Kimberley Process). Participating countries Kimberley Process (the "Participants") should ban imports of rough diamonds from, and exports of rough diamonds, and non-participants, and require that shipments of rough diamonds from or to a Participant be controlled by the certification system "(U.S. Department of Treasury Office of Foreign Assets Control). In the coming years since 2002, Sierra Leone constantly improved through GGDO revaluations based Property Tax diamonds by the Government through certification Kimbeley competition system. The GGDO also relies on departmental officials Mines to the police for the purchase of rough diamonds and make sure you have a rough surface purchased the relevant documentation.

The perturbations serious diamonds in the system has been in the midst of the war that began in 1991 after the rebels of Foday Sankoh wreaked havoc on the exploits of diamond diamonds creating shortages in government revenues from the exports of rough diamonds used instead to fund the war machine of the RUF and Charles Taylor's National Front Patriotic Liberia (NPFL). administration former President Tejan Kabbah has lost huge revenues from diamond exports, because of the activities rebels in those areas rich in diamonds. The rebels completely controlled production of rough diamonds, then and for many years, exports of diamonds oils are used illegally (smuggled through distributors complicity (Lebanese, naturally) in Liberia, then on global markets "(Global.Research.ca) for financing the rebels of Foday Sankoh.

To correct this, the international intervention became inevitable with the Organization UN to adopt resolutions that gave the exiled government of President Kabbah more muscle to continue the war and, possibly, suppression rebel leader Foday Sankoh to the submission and death in prison. And the government must now recognize that hawks activities scam breaks national industry diamonds, which are bad for a favorable investment climate and claims caused by Foday Sankoh on illegal mining in mid-1990 2001.

Despite the strong commitment to international efforts to end the war, the prevalence of the Organization has continued to affect the objective of the system of the Kimberley Process. "Involvement of political leaders in the production of diamonds and do not want to pay taxes on their harvest and export and vulnerabilities of foreign investors in the industry is facing the diamond industry in one go. The damage to the credibility of the investment environment of the diamond is still, unless the government to improve their practices and working to implement strict controls and balances in the trade that allows foreign investors and improve diamond GGDO tax returns additional payments received by the government for the common good.

Apparently, the diamond industry has been badly managed, in these times of relative calm. "In Speaking in August 2003, President Tejan Kabbah has highlighted the problems of "common and well known associated with the diamond industry Sierra Leone, "as follows:

• illegal mining;

· The contraband

· Damage the environment;

· Terms of poor workers, including child labor and

· Use Abuse official position and power.

These corrupt practices, he said, destroy the economy of this country and may endanger the safety ... and the image of Sierra Leone. "In the speech of President Koroma to Parliament in October 2007, recognizes the problem that the mining sector is experiencing a weak regulatory framework and rampant smuggling. Koroma pledges to enforce laws and mining development of a policy environment sound must include responding to con hawks to deter their motivations investor anxiety. Thus, Koroma is to create conditions for what the situation calls for attracting more investment in the sector, which is also consistent with the basic mining policy (CMP) of the Government of Sierra Leone to to create a competitive business environment and respectful of international investors in the mining sector (Ministry of Mineral Resources).

President Koroma's administration should redouble efforts to strengthen regulation of the diamond industry to stop the waste of diamond exports from various elements, including hawks fraud and politicians that support high levels of illegal production of rough diamonds using channels marketing disguised in collaboration with corruption "Lebanese traders (Global.Research.ca) in the country. In addition, the establishment size and polishing stations Sierra Leone within the framework sufficient to assess the trend of world market prices of cut and polished diamonds, which the president himself mentioned in his first speech to Parliament in 2007, would ensure an increase in exports and encourage downstream processing of minerals in the country, in turn basic increase tax revenues and create more jobs.

Meanwhile, the incomes of rough diamonds has not benefited the country how it should be like how oil revenues should benefit most from the Middle East. The diamond industry is facing weak inventory and price volatility due to foreign investment have dried up because of vulnerabilities that have been so overwhelming for investors. Fake and counterfeit certificates of existence and the property decorated with the arms of the Sierra Leone arms are often traded on the Internet where telemarketing scam hawks are trying to attract investors very expensive in unsuspecting scams.

There are also hawks international fraud, especially in the Middle East, United States, Europe and India, often claim to represent buyers of large volumes of rough diamonds and ask for artisanal miners and / or distributor of rough diamonds in the country to send clear and formal FCO (full business deals) and Mail rough diamonds for themselves or international security firm Brinks UPS buyers for evaluation. These representatives of investors who say they have a letter of intent (LOI: a bit like a pre-contract where the buyer agrees to purchase the amount Gross certain basic terms, with the remaining terms agreed in the final contract) and BCL (Bank comfort "letter). These representatives may also ask suppliers Manifest official diamond and FCO (full supply company) leading vendor with the name, signature and stamp. The fact is that the procedures internal corporate members to implement the national laws can be adapted to the LOI BCL or the type of agreement, but not for applications of international trade. Many experts say that deals with using the words LOI or BCL have big problems. The person claims to be able to buy rough diamonds that would be tough with documents, then try to sell the diamonds before paying the supplier. Therefore, pay The supplier would be very difficult and often the few who enter into agreements, it is difficult to enforce payment of sketches provided. The Internet has caused This explosion of traders ambiguous existence as any other time. Suppliers of rough diamonds (small-scale miners and dealers) and investors should therefore exercise caution at all times.

In this regard, the Government must act to raise the level of confidence of foreign investors, setting in place measures that make it difficult for the hawks of fraud in the country and abroad to work. The creation of a register of Business leaders, for example, for a list of all facilitators and business consultants in the country, he's Investors Service could use to quickly access reports of the facilitators of the reliability and background checks on local business leaders and consultants who must be registered in the Register. As the Better Business Bureau, the Department of Business Enablers all complaints against the leaders and consultants business in the country and a foreign investor can call the Department of facilitators if a business facilitator and business consultant complaints Client pending. Registration can also help business leaders in the country to identify and understand their social responsibilities, capacity and impact, develop strategies and tactics to reduce social risks and improve the social response.

Again, the government should consider re-evaluation of flood deposits in the country using reliable methods and equipment to provide proven 2D (Surface) the definitions of diamonds and Earth Sciences (photogeology) adding the third dimension (seismic) to conduct the sampling program. These methods provide sections of alluvial terraces with depth error less than 5% and test the economic viability of deposits. There is very logical, if the government will do that, want to have a good idea when they are the pillars before starting sampling program. Seismic profiles provides excellent depth and distance costs are low compared to the cost of monitoring, the boss drilling black, it is too expensive. multilateral donors can support this effort on a reassessment of alluvial deposits in the country. A project of this nature would increase speculation Closed on alluvial deposits in areas of potential diamond in the different countries. This is a good call, because private investment be encouraged. Trust and investment remain, and capital projects more intensively supported by the investors' money and diamonds rough through the diamond mining will become more viable the use of modern extraction systems, such as containers for recovery Diamond Modular Bateman is duplicated. The potted plant X-ray diamond recovery is 11, 5 m in height and weighs 28 tons, but can be removed only transportable modules 2 and 4 m high with a maximum weight of 10 tons. The plant can be mounted in two days, connected by water and food and development production without delay. Most of these plants in the country would boost production and exports more diamonds growth of the economy of Sierra Leone.

With proper management of natural resources of the country's security, the value of rough diamonds "as a substantial increase in GDP would be insured permanently. Unlike 1960 and 1970, the security of rough diamonds is now more a function of production of rough diamonds to the use of modern methods of mining circumstances which makes it convenient for more revenue from diamond exports increased. Industry diamonds in Sierra Leone at this time should be changed to a more just world, the delivery system in time to meet market needs for the provision of rough diamonds. This maps to ensure the security of Sierra Leone diamonds on the global market.

Diamond exports value Added

South Africa, Botswana, Congo and Angola, countries that produce 90% of the world's rough diamonds are diamonds continue its plans to impose of export duties of 5-7% of rough diamonds. India imports nearly 80% of rough diamonds produced in Africa and that these imports are polished in factories in Gujarat and Maharashtra. However, these African polishers wish to establish plants on their territory in order to stimulate the local economy and create local jobs. The rights will be more expensive diamonds in the rough at least 5%. The export of diamonds Bill Levy was introduced to Parliament South Africa in October 2006. The other African cities have done the same. Many cutting and polishing units in Gujarat and Maharashtra, so moving to Africa, an estimated 25% of workers in these units to lose their jobs. Some companies Gujarati-owned but based in Antwerp, including Rosyblue the largest diamond Manufacturing Company, and Eurostar have already established operations in Africa. Rosyblue has diamond upscale Rosiblu Orra and ended in 2006 with $ 1.7 billion in revenue. Other companies are at an advanced stage of negotiations with these countries. Sierra Leone has the opportunity to benefit this change in international politics of South Africa. The government needs to attract owners of the diamond polishing units to create some of their units in Sierra Leone. With such equipment polishing diamonds in Sierra Leone, is a value added to exports of the country's diamonds. The government should not neglect the potential value of cut and polished diamonds exports to GDP. The emergency plans based on these assumptions must be established above. "The independent counsel alluvial diamond deposits would be a useful forum for coordination, the system seems useful to at least until after years of non-intervention of the Government of the safety management of natural resources of the country. The country has not made progress because its long politicized management tradition, based on the heavy political decision. The Koroma administration should now consider rewriting its rules to change control of power in the hands of politicians on alluvial deposits of the country with the responsibility of a single authority that could make the management of alluvial resources of the country more transparent and predictable.

Nobody knows how an independent board silt makes mitigation works on corruption in the diamond industry, but the signs are auspicious. With excess capacity to benefit only a few wicked interests private, now, the government must adopt policies that promote the collective good. National systems of coordination have been hampered by the fact that the maximum power of decision rests with the national government and previous governments have retained control over executive diamond deposits in the country so it is easier for politicians to intervene in the management of deposits' in precisely the moments when the participants in the diamond market must be convinced that the government protect their interests.

Creating an independent alluvial diamond new Council

To improve the current trends in the diamond industry thought that the Government of Sierra Leone must be managed more effectively placers. Your first step should be to create a new "independent diamond deposits alluvial Council that would take over most of the responsibilities currently assigned to the Ministry of Mines. The Council point of the Department of Resources mineral contact and decide Sierra Leone working regulations for the collective good, for the construction of the Government of Sierra Leona is capable of restoring the integrity of the industry. Would Act to add value to the export roughs Sierra Leone. This utility independent management dynamic and allow the department to gain valuable minerals market better. The council had a general mandate to ensure that the interests of investors are protected in the country and stations cutting and polishing is established and the maintenance of an orderly resolution of the industry. Use this broad authority, board tailors its actions to specific issues need resolution.

The Council manage the revaluation of deposits alluvium in Sierra Leone and to collect and disseminate information on potential deposits of the United States. Data on deposits of alluvial in the country is surprisingly low, given the importance of rough diamonds from Sierra Leone's economy. The mismanagement of diamond deposits countries also deters private investors from capital investments to develop the diamond industry in Sierra Leone.

There is no model perfect for a regulatory system in the diamond, however, the point of creating a "Council of alluvial deposits" would be given authority critical economic decision-making authority that is professional and relatively independent of political interference and yet it is also subject to a political control. The council would also have the independence necessary to take difficult decisions to protect the industry against predators in the country and abroad. The board could be an arm of GGDO (who has more experience in the diamond appraisals and market) best-funded direct approval of Parliament.

It could be an effective board

Better management of alluvial diamond deposits in Sierra Leone could support sustainable development initiatives in the country. As environmental standards are also needed to better reflect the realities Diamond production at present. The board regularly assesses the performance private investors based in the corporate management of its operations. business interests of investors are monitored by authorities Independent professionals are fully integrated into the system of coordination of the Commission and whose shares will be considered more reliable because the Investors can count on her being more favorable than when managed by opaque and unpredictable processes of the Department of Mineral Resources institution vulnerable to political interference. The credibility, transparency and independence of the board of directors are justified.

Ultimate Strategy

Much of the policy of the Sierra Leone mining to date has focused on measures that look good, but I do not have much impact on the actual development, such as generating enough revenue to build infrastructure in the country. Many elements of a mining policy sensitive, as increased production of investment and boost diamond cutting and polishing stations in Sierra Leone, are well known. But improving the management system industry has been largely ignored.

This is unfortunate, because in addition to contributing to the mining industry in Sierra Leone, better management of the country's deposits of alluvial diamonds is a excellent opportunity to involve fraud hawks at home and abroad. The country has successfully managed major disruptions in trade diamonds caused by the war in a decade, strengthening their management procedures to maintain stability in the industry and the project environment conducive to investment to make right now. Better management and better coordination of the national system of alluvial diamond deposits would attract more capital investment in the industry. Better management of diamond deposits in the country, however, not only all the problems of the industry to disappear overnight. Addressing the problems of the industry requires a comprehensive strategy to protect the mining industry foreclosure and make it more responsive to developing country.

About the Author

Kenday S. Kamara is a native of Sierra Leone, where he attended Fourah Bay College, University of Sierra Leone, 1982-1986. Kenday is an international development consultant in administration, policy development and capacity building. Kenday has consulted for VVMZ (a consulting firm based in Slovakia) as Administrator Expert for the 2007/2008 ACP-EU BizClim Microfinance Demand Survey (a project implemented for the National Commission for Social Action (NaCSA). Kenday is also consultant for Global Integrity – www.globalintegrity.org (an independent, nonprofit organization based in Washington, D.C., tracking governance and corruption trends around the world) and Konesens Research, Inc. – www.konesens.com (a US-based global research and development consulting firm). Kenday is a Ph.D. scholar-practitioner in applied management and decision sciences at WaldenUniversity, specializing in leadership and organizational change. Kenday can be reached at kenday.kamara@waldenu.edu or via Skype at: medcallconsultants

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