Firestone completes inaugural diamond tender
Friday, December 17, 2010
The tender ran from 29 November to 9 December 2010, and was attended by more than 30 diamond buyers from Belgium, Israel, India, Russia and southern Africa.
The diamonds sold at the tender were from its BK11 Mine in Botswana and Liqhobong Mine in Lesotho. "The company sold a total of 14, 673 carats by tender at the Diamond Technology Park in Botswana for total proceeds of US$1.6m," the company says in a statement.
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...