Eyes on diamond talks as Vegas show kicks off
Friday, June 02, 2023 | 460 Views |
Shiny showcase: The JCK Show is the diamond world’s biggest trade event PIC: JCKONLINE.COM
Both De Beers and government, whose five-year-long talks for a new sales agreement are set to elapse on June 30, have sent high-powered delegations to the US desert city.
Since the current agreement elapsed in September 2020, both sides have agreed on temporary extensions and technically, could decide to postpone the June 30 deadline.
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...