De Beers sightholders: �whine and dine�...
Friday, February 28, 2014
For the first time in decades, De Beers’ new controlling shareholder has made a policy decision to report natural rough and industrial synthetics sales in one figure. In contrast, the $6.1 billion figure from 2012 listed the company’s industrial synthetic sales (through Element 6), which, that year, amounted to $600 million, as part of a sales breakdown.
Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...