Firestone completes inaugural diamond tender

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The inaugural diamond tender of Firestone Diamonds closed successfully last week at the Diamond Technology Park with the company selling over 14 million carats worth approximately P10.5 million.

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.

Editor's Comment
Micro-procurement maze demands urgent reform

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...

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