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Resources, Mining & Energy

Diamond & Precious Metals

The diamond and precious metals industry operates under the Diamonds Act and Precious Metals Act, requiring specific licences for dealing, beneficiation, and export. SARB and SAPS are active regulators due to the potential for money laundering and illicit trade. All dealers are FICA accountable institutions.
Applicable legislation

Key legal frameworks

Diamonds Act 56 of 1986 (as amended)
Precious Metals Act 37 of 2005
Financial Intelligence Centre Act 38 of 2001 (FICA)
MPRDA (if mining rough diamonds)
Export Control Regulations
Regulators

Who oversees this industry

SADPMR, SA Diamond and Precious Metals RegulatorSARB, foreign exchange and AML oversightFIC, FICA accountable institution complianceSAPS Diamond and Gold Unit
King V principles most affected
P8. RiskP9. ComplianceP3. Strategy
What Encircle tracks for Diamond & Precious Metals
Diamond / precious metals dealing licence compliance
FICA RMCP and KYC/CDD for all buyers and sellers
Export permits and Kimberley Process Certification Scheme (KPCS)
Precious metals beneficiation licensing (SADPMR)
AML controls for high-value and cash transactions

Your Diamond & Precious Metals industry profile

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